Index gains 259.09 points

The Karachi share market on Friday witnessed a bullish trend with record high trades ahead of a meeting at the KSE of Federal Finance Minister and SECP chairman with members on Saturday to apprise them on capital gains tax issues, analysts said.
The market participants are expecting good news regarding CGT issues and it is expected the minister will announce acceptance of proposals forwarded by SECP regarding CGT computation by NCCPL and amnesty for investors, they added. The KSE-100 index registered healthy increase of 259.09 points and closed at the level of 11,774.68 points. The market opened on a bullish note and the index hit 11,882.70 points intra-day high level, up 367.11 points. However, profit taking in some stocks in late hours minimised the intra-day gains.
Trading activities improved tremendously on the back of aggressive buying mainly by local investors, as the daily volumes increased to 178.424 million shares, as compared to 92.473 million shares traded on Thursday. Total market capitalisation increased by Rs 65 billion to Rs 3.056 trillion. Of the total 340 active scrips, 185 stocks closed in positive and 69 in negative, while the value of 86 scrips remained unchanged.
Lafarge Pakistan was the volume leader with 27.736 million shares and gained Re 0.05 to close at Rs 2.06. Jahangir Siddiqui Co inched up by Re 0.39 to close at Rs 5.55 with 14.494 million shares. Lotte Pakistan PTA lost Re 0.04 to close at Rs 9.95 with 8.648 million shares.
Fresh buying was seen in fertiliser sector, as Fauji Fertiliser Bin Qasim, Fauji Fertiliser Co and Engro Corp surged by Rs 1.59, Rs 6.76 and Rs 3.16 to close at Rs 48.10, Rs 172.71 and Rs 105.41 with 8.457 million shares, 5.869 million shares and 5.716 million shares, respectively, however, Fatima Fertiliser Co lost Re 0.16 to close at Rs 22.50 with 7.747 million shares.
DG Khan Cement increased by Re 0.38 to close at Rs 21.00 with 7.095 million shares. TRG Pakistan gained Re 0.25 to close at Rs 1.59 with 6.874 million shares. NBP surged by Re 0.84 to close at Rs 42.13 with 6.505 million shares. Nestle Pakistan and Rafhan Maize were the highest gainers increasing by Rs 121.31 and Rs 47.22 to close at Rs 3347.50 and Rs 2600.00, respectively, while Unilever Pak and Shahtaj Sugar were the worst losers declining by Rs 58.20 and Rs 3.55 to close at Rs 5458.40 and Rs 68.87, respectively.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed bullish with record high trades ahead of member meeting with Federal Finance Minister and SECP chairman on Saturday to apprise members on capital gains tax issues at KSE.
He said the hopes for good news regarding CGT issues supported the market to cross intraday high over 11880 with investor interest in stocks across the board. The positive revision in Pakistan economic growth estimate to 4 percent, recovery in global stocks, foreign interest in blue chip scrips and statement issued by White House on US-Pakistan to work together to reset ties played a catalyst role in bullish sentiment at KSE, he added.