Upward trend persists

A positive trend continued on the Karachi share market on Thursday on the back of local and foreign investors support, helping the KSE-100 index increased on by 63.50 points to close at 12,941.38 points. The foreign investors remained net buyers of share worth $1.74 million.
After positive opening, the investors opted for profit taking and the index dropped into negative zone at 12,832.04 points intra-day low level. However, investors'' reviving interest supported the index to recover its intra-day losses and to hit 12,956.69 points intra-day high level.
Trading activities slightly reduced as the volumes at ready counter declined to 182.219 million shares as compared to 206.475 million shares traded on Wednesday. Total market capitalisation increased by Rs 14 billion to Rs 3.352 trillion. Of the total 357 active stocks, 163 closed in negative and 127 in positive while the value of 67 stocks remained unchanged. Fauji Cement was the volume leader with 15.046 million shares and gained Re 0.02 to close at Rs 4.47. DG Khan Cement increased by Re 0.53 to close at Rs 28.56 with 12.457 million shares. Jahangir Siddiqui Co lost Re 0.40 to close at Rs 9.18 with 14.811 million shares. Lotte Pakistan PTA decreased by Re 0.21 to close at Rs 8.69 with 12.222 million shares.
In the banking sector, BoP inched up by Re 0.19 to close at Rs 7.84 with 9.890 million shares while NBP lost Re 0.93 to close at Rs 50.46 with 6.228 million shares. Fatima Fertiliser Co increased by Re 0.35 to close at Rs 24.24 with 8.224 million shares. Azgard Nine declined by Re 0.18 to close at Rs 6.15 with 6.694 million shares. Hub Power Co gained Re 0.79 to close at Rs 37.85 with 6.541 million shares. Dewan Salman lost Re 0.33 to close at Rs 1.25 with 5.873 million shares.
Nestle Pakistan and Unilever Pak were the highest gainers increasing by Rs 149.47 and Rs 49.02 to close at Rs 3649.93 and Rs 5699.02 respectively while EFU Life Assurance and Dadex Eternit were the worst losers declining by Rs 3.90 and Rs 2.49 to close at Rs 92.51 and Rs 47.46 respectively.
Ahsan Mehanti at Arif Habib Corp said that the Pakistan stocks closed bullish led by Oil and fertiliser stocks following the apex regulator confirmation for reformed CGT regime implementation from April1. He said that the banking stocks battered on high provisions on loans, fertilisers stocks cherished on probable resumption of gas supplies followed by bullish sentiments in power sector after electricity tariffs were raised by 39pc by NEPRA easing circular debt concerns. "Higher global commodities, easing political outlook and institutional consolidation across stocks by retail and institutional investors played a catalyst role in bullish sentiments post major announcements at KSE," he added.