KSE-100 index breaches 14,000 historic level

Karachi share market witnessed a bullish session as the benchmark KSE-100 index finally breached through 14,000 historic level on the back of fresh buying mainly in oil sector on Thursday. The overall market capitalisation surged by Rs 33 billion to reach its highest ever level of 4.94 trillion.
The market started on positive note and the KSE-100 index hit 14,002.97 points intra-day high level, however, profit-taking in banking and cement sector pushed the index down to close at 13,942.00 points level with a net gain of 72.97 points.
On the other hand, the junior KSE-30 index lost 12.66 points to close at 17,053.84 points level. The market witnessed healthy trading activity as the ready market volume increased to 383.078 million shares as compared to 359.878 million shares traded a day earlier.
The future market turnover increased to 50.480 million shares against 47.771 million shares previously. Trading took place in 409 scrips, out of which 243 scrips closed in positive column and 126 scrips closed in negative column, while the value of 40 scrips remained unchanged.
Fauji Cement was the star performer of the day with 33.778 million shares and the scrip surged by rupee one to close at Rs 21.70 followed by Hub Power, which gained Rs 0.40 to close at Rs 37.60 with a total volume of 25.072 million shares.
In E&P sector, Mari Gas, OGDC and PPL gained Rs 9.25, Rs 0.35 and Rs 2.70 to close at Rs 194.25, Rs 121.00 and Rs 271.20 respectively, however, POL lost Rs 1.55 to close at Rs 327.55. Bosicor Pakistan increased by Rs 0.15 to close at Rs 20.35.
Arif Habib Sec performed well and gained Rs 6.05 to close at Rs 127.50. Telecard increased by Rs 1.00 to close at Rs 14.50, however, WorldCall Telecom declined by Rs 0.15 to close at Rs 18.70 and TRG Pakistan lost Rs 0.85 to close at Rs 17.25.
The cement sector also witnessed profit-taking as DG Khan Cement lost Rs 1.35 to close at Rs 117.50. Jahangir Siddiqui Co and Shell Pakistan were the highest gainers, gaining Rs 29.90 and Rs 22.90 to close at Rs 628.40 and Rs 481.75 respectively, while Colgate Palmolive and Bata (Pak) were the highest losers, which lost Rs 10 each to close at Rs 450 and Rs 390 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that easing law and order situation in Islamabad and increasing oil prices in the international market to 73 dollars per barrel invited fresh buying mainly in oil related stocks and many of the relevant stocks closed in positive zone.
In cement sector, Fauji Cement was the only stock, which performed well on the back of rumour that an international group is acquiring its 30 percent shares through ABN Amro Bank. The other cement stocks witnessed profit taking and closed in negative zone.
The banking sector also witnessed profit taking and many of relevant stocks closed in negative column. Kamran Naqvi, head of Equity Trade at Atlas Capital Markets, said that the investors took fresh positions in oil sector amid gas discovery news in OGDC and potential benefits to PPL after implementation of new petroleum policy. Profit taking was witnessed in banking sector. The release of data on cement showed growth in dispatches, but a mixed trend was seen in the sector.