KSE index gains 24.54 points

RECORDER REPORT

KARACHI: A positive trend was witnessed on the Karachi share market on Thursday on the back of investors' interest on dips in some select stocks. The KSE-100 index gained 24.54 points to close at 11,557.37 points.

The market opened on a strong positive note and the index crossed 11,600 level to hit 11,613.24 points intra-day high. The index remained in green throughout the session.

Trading activity however remained extremely low as the volumes at ready counter declined to 27.472 million shares as compared to 38.491 million shares traded on Wednesday. Total market capitalisation increased by Rs 4 billion to stand at Rs 3.007 trillion. Of the total 313 active scrips, 111 closed in positive, 108 in negative while the value of 94 stocks remained unchanged.

Jahangir Siddiqui Co was the volume leader with 3.319 million shares however it lost Re 0.22 to close at Rs 5.61. Japan Power inched up by Re 0.01 to close at Re 0.61 with 2.511 million shares.

In the banking sector, SilkBank and MCB increased by Re 0.06 and Rs 2.68 to close at Rs 1.65 and Rs 151.05 with 1.758 million shares and 1.276 million shares, respectively. DG Khan Cement inched up by Re 0.05 to close at Rs 20.80 with 1.266 million shares.

In the fertiliser sector, Fauji Fertilizer Bin Qasim gained Re 0.08 to close at Rs 54.19 to close at Rs 54.19 with 1.253 million shares while Engro Corp and Fatima Fertilizer Co lost Rs 1.56 and Re 0.12 to close at Rs 127.30 and Rs 23.00 with 1.047 million shares and 1.039 million shares, respectively. Netsol Technologies gained Re 0.66 to close at Rs 10.53 with 1.005 million shares.

Investors interest was seen in the E&P sector heavyweight stocks, as OGDC surged by Rs 1.23 to close at Rs 154.34 with 0.920 million shares.

Bata (Pak) and Attock Petroleum were the top gainers with Rs 29.56 and Rs 6.16 to close at Rs 760.26 and Rs 416.24, respectively while Rafhan Maize and Nestle Pakistan were the worst losers declining by Rs 115.30 and Rs 65.43 to close at Rs 2569.45 and Rs 2689.72, respectively.

Ahsan Mehanti at Arif Habib Investments said the positive trend was witnessed on KSE on institutional interest mainly in oil and banking sector stocks.

However, trading activity remained extremely low as the market witnessed record low volumes.

He said that the bullish trend was seen after strong recovery in global capital and commodity markets despite no change in SBP key policy rate and uncertain Pak-US relations.