The Karachi share market on Monday opened on a positive note and the KSE-100 index closed near its intra-day high at 13,540.45 points level with a net gain of 147.98 points on the back of a fresh fund injection by the foreign investors, increasing oil prices in the international market and UBL GDRs to raise more than $650 million.
On the other hand, the KSE-30 index surged by 125.62 points to close at 16,825.09 points level. The ready market volume declined to 285.941 million shares as compared to 309.178 million shares traded on Friday. The futures market turnover also decreased to 74.484 million shares against 92.222 million shares previously.
The overall market capitalisation surged by Rs 54 billion to Rs 3.944 trillion. Trading took place in 383 scrips out of which 219 scrips closed in positive column and 126 scrips closed in negative column while the value of 38 scrips remained unchanged.
The cement sector led the rally as Lucky Cement and DG Khan Cement were the star performers of the day with a total volume of 28.443 million shares and shares 25.079 million shares and the scrips surged by Rs 0.90 and Rs 1.65 to close at Rs 133.95 and Rs 119.55, respectively. While the Maple Leaf Cement gained Rs 0.80 to close at Rs 24.10 with a turnover of 10.830 million shares.
The Bank of Punjab (BoP) took rebound after its management clarified its position hence affecting the price positively and the scrip surged by Rs 3.00 to close at Rs 111.30. Faysal Bank also performed well and gained Rs 1.55 to close at Rs 72.25.
The E&P giant increased by Rs 0.70 to close at Rs 119.95. Fauji Fertiliser Bin Qasim remained active and gained Rs 0.60 to close at Rs 38.85. TRG increased by Rs 0.65 to close at Rs 13.45. Arif Habib Sec gained Rs 5.05 to close at Rs 119.50. Nishat Mills surged by Rs 3.05 to close at Rs 128.00.
Ahsan Mehanti at Shehzad Chamdia Securities said the continuous interest of foreign investors witnessed at the local share market as the portfolio investment at the local equity market has reached its all-time high level of $924.77 million. The BoP management clarified its position which affected the price positively.
The oil prices in the international market has reached $72 per barrel which was also positive sign for oil relative scrips which invited fresh buying. The UBL announcement regarding its GDR worth over $650 million was also a positive news which attracted investors in the scrip.
Muhammad Fahad Qasim at Atlas Capital Markets said the market opened positively as the uncertainty regarding UBL's GDR pricing was over. The news of its oversubscription was well-received by the market and buying was witnessed in the scrip which closed at its upper circuit.
Another banking sector scrip, which remained in the limelight was SPCB on the back of news that more than five parties are interested in its buyout. This also triggered buying in the banking sector and most the scrips closed in the positive zone.
Interest in cement sector continued for the third consecutive session as rumours regarding GDR of Lucky Cement were circulating in the market. PSO, however, remained under pressure as the bidders asked for indemnity over its privatisation issue.