Positive trend was observed at Karachi share market on Monday and the KSE-100 index rose by 62.46 points to 10,088.45 points level on the back of continuing interest of foreign investors. After positive opening, the index hit 10,131.22 points intra-day high, up 105.23 points. However, profit taking in some select stocks minimised the gain.
Trading increased significantly and the volumes at ready counter surged to 227.225 million shares as compared to 191.594 million shares traded on Friday. Market capitalisation increased by Rs 15 billion to Rs 2.883 trillion. Of total 407 active scrips, 198 closed in positive and 182 in negative, while the value of 27 scrips remained unchanged.
WorldCall Telecom was the volume leader with 22.871 million shares and gained Re 0.27 to close at Rs 5.23. Lafarge Pakistan increased by Re 0.61 to close at Rs 4.91 with 20.499 million shares. Bank Al Falah and NBP surged by Re 0.55 and Rs 2.73 to close at Rs 12.63 and Rs 100.87 with 19.929 million shares and 11.104 million shares respectively. SilkBank (R) lost Re 0.05 to close at Re 0.24 with 6.795 million shares.
PTCL gained Re 0.34 to close at Rs 21.23 with 15.008 million shares. Lotte Pakistan increased by Re 0.09 to close at Rs 11.53 with 14.793 million shares. TRG Pakistan inched up by Re 0.21 to close at Rs 3.40 with 13.905 million shares. Jahangir Siddiqui Co gained Re 0.08 to close at Rs 23.60 with 6.663 million shares. Fauji Fertiliser Bin Qasim inched up by Re 0.02 to close at Rs 31.57 with 5.981 million shares.
Nestle Pak and Dawood Hercules were the highest gainers and increased by Rs 22.90 and Rs 10.48 to close at Rs 1225.90 and Rs 220.25 respectively, while Rafhan Maize and Unilever Pakistan were the worst losers and declined by Rs 52.75 and Rs 41.65 to close at Rs 1422.25 and Rs 3008.37 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that low-volume activity in index heavyweights allowed the index to sustain above 10,000 points. Activity in below par stocks, however, poured decent turnover, while sector swap by the locals among the most expensive liquid stocks did create trading opportunities.
Frontline fertiliser stocks and cash-strapped OMCs, on commitments of an early resolution of circular debt issue, represented the blue chip stocks to invite activity by local corporate and high net worth participants, mainly due to presence of group support in their respective companies, while frontline banking sector stocks supported the index.
With technical indicators suggesting over-bought situation in certain main board stocks, the turnover in them stayed on the lower side. Anticipated inflow by the offshore participants, however, allowed them to sustain green numbers, while positive numbers on board restricted the likely sellers, thus disallowing technical adjustment.