KARACHI: Bullish trend continued on the Karachi share market on Monday and the benchmark KSE-100 index closed at new highest level of 16,156.36 points with a net gain of 54.81 points.
The market opened on strong positive note and the index crossed 16,200 level for the first time in its history to hit 16,220.52 points intra-day high level. However, profit taking in some selective stocks minimized the gains.
Trading activities however remained low and the volumes at ready counter declined to 142.884 million shares as compared to 191.494 million shares traded on last trading session. Total market capitalization increased by Rs 11 billion to record high level of Rs 4.024 trillion. Of the total 342 active stocks, 161 closed in negative and 160 in positive while the value of 21 stocks remained unchanged.
The cement sector led the rally and Fauji Cement was the volume leader with 15.653 million shares however lost Re 0.11 to close at Rs 6.83 with 15.653 million shares followed by DG Khan Cement that gained Re 0.60 to close at Rs 53.79 with 11.166 million shares.
Engro Corporation surged by Rs 4.53 to close at Rs 95.40 with 7.480 million shares. PTCL decreased by Re 0.32 to close at Rs 17.30 with 7.015 million shares. Engro Foods inched up by Re 0.90 to close at Rs 73.02 with 5.896 million shares.
In the banking sector, NBP, Bank Al Falah and Askari Bank increased by Rs 1.66, Re 0.20 and Re 0.20 to close at Rs 46.74, Rs 15.49 and Rs 16.95 with 5.573 million shares, 4.846 million shares and 4.008 million shares respectively. Jahangir Siddiqui Co gained Re 0.08 to close at Rs 14.25 with 3.832 million shares. Azgard Nine lost Re 0.12 to close at Rs 6.86 with 3.655 million shares.
Bata (Pak) Limited and Sanofi-Aventis Pak were the top gainers increasing by Rs 69.25 and Rs 15.74 to close at Rs 1480.00 and Rs 330.62 respectively while Unilever Pak and National Foods were the top losers declining by Rs 135.80 and Rs 13.87 to close at Rs 9849.50 and Rs 302.58 respectively.
Ahsan Mehanti at Arif Habib Corporation said that the KSE-100 witnessed yet again highest ever close amid cautious activity after SBP cuts key policy rate by 50bps.
He said that the renewed foreign interest in blue chip stocks on strong valuations affected the sentiments despite concerns for security issues in the city and rising political uncertainty.
He said that the rise in forex reserves, expected resumption of gas supply to fertilizer industry and oil and gas discovery at TAL block played a catalyst role in positive close at KSE.
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