A bullish trend continued on the Karachi share market on Friday and the KSE-100 index breached 13,700 psychological level on the back of strong interest of local investors and institutions. The KSE-100 index surged by 202.66 points and closed near its intra-day high level at 13,761.76 points. After strong positive opening the index remained in the green territory throughout the session.
Trading activities also improved on the back of aggressive participation of local retail investors and the daily volumes increased to 413.941 million shares as compared to 344.578 million shares traded on Thursday. Total market capitalisation increased by Rs 51 billion to Rs 3.528 trillion. Of the total 344 active stocks, 204 closed in positive and 83 in negative while the value of 57 scrips remained unchanged.
Lafarge Pakistan was the volume leader with 54.063 million shares and gained Re 0.44 to close at Rs 4.82. In the other cement sector stocks, Fauji Cement and DG Khan Cement increased by Re 0.21 and Rs 1.73 to close at Rs 5.62 and Rs 36.37 with 17.710 million shares and 10.324 million shares respectively.
In the banking sector, NIB Bank, JS Bank and Bankislami inched up by Re 0.25 and Re 0.33 and Re 0.68 to close at Rs 2.98, Rs 6.91 and Rs 8.74 with 49.022 million shares, 13.606 million shares and 11.664 million shares respectively while BoP lost Re 0.94 to close at Rs 9.21 with 27.413 million shares. Jahangir Siddiqui Co gained Re 0.41 to close at Rs 21.76 with 26.771 million shares. TRG Pakistan increased by Re 0.53 to close at Rs 4.64 with 24.872 million shares. Azgard Nine closed at Rs 8.90, up Re 0.47 with 11.563 million shares.
Nestle Pak and Bata (Pak) Limited were the highest gainers increasing by Rs 47.05 and Rs 13.13 to close at Rs 4447.00 and Rs 587.03 respectively while National Refinery and Unilever Food were the worst losers declining by Rs 3.61 and Rs 3.02 to close at Rs 247.40 and Rs 1811.25 respectively.
Ahsan Mehanti at Arif Habib Corporation said that the bullish sentiment prevailed on the trading session at KSE in stocks across the board. He said that the institutional interest remained in cements on higher local cement prices, oils stocks on expected rise in local POL prices from April 01 and banking stocks on higher spreads. The investors expectations of issuance of SRO on announcements made for CGT issues in near term and reformed CGT regime implementation by the Federal Finance Minister affected the sentiment on the strong quarter end close.
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