Bullish trend was witnessed at the share market on Tuesday on the back of revived investors' interest on expectations of early launch of leverage product and increasing international oil prices, analysts said. The KSE-100 index surged by 260.8 points and closed near its intra-day high level of 12,110.26 points.
Trading improved significantly and the volume at ready counter increased to 219.563 million shares as compared to 91.184 million shares traded on Monday. Market capitalisation increased by Rs 69 billion to Rs 3.282 trillion. Of 404 active scrips, 299 closed in positive and 86 in negative, while the values of 19 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 45.284 million shares and gained Re 0.96 to close at Rs 14.39. KESC inched up by Re 0.42 to close at Rs 3.38 with 35.626 million shares. Azgard Nine closed at Rs 9.33, marginally down by Re 0.01, with 10.711 million shares. Fauji Fertiliser Bin Qasim gained by Rs 1.75 to close at Rs 36.83 with 10.595 million shares. NBP increased by Rs 2.43 to close at Rs 76.51 with 7.208 million shares.
Nishat Mills surged by Rs 3.12 to close at Rs 65.53 with 5.489 million shares. Nishat Power inched up by Re 0.85 to close at Rs 16.92 with 5.279 million shares. POL surged by Rs 12.99 to close at Rs 307.65 with 4.951 million shares. PTCL gained Re 0.25 to close at Rs 19.50 with 4.350 million shares. Jahangir Siddiqui Co inched up by Re 0.63 to close at Rs 11.05 with 4.165 million shares.
Unilever Pak and Wyeth Pak were the highest gainers increasing by Rs 62.79 and Rs 48.30 to close at Rs 4378.00 and Rs 1100.00 respectively, while Indus Dyeing and Pak Services were the worst losers declining by Rs 15.59 and Rs 6.25 to close at Rs 296.31 and Rs 162.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that positively was quite evident from opening. High dividend yielding stocks led the way, mainly from the fertiliser sector. Increasing trend in international oil prices allowed the oil and gas exploration stocks to join the run-up that was duly followed by banking sector stocks mainly on the thrill of year-end payout along with various group specific stocks. This allowed the index to display strength, thereby allowing sustainability to the triple digit gains attained in early hours.
He said that although high priced stocks did face offloading by local participants, across the board short covering and technical pull back gave the index enough strength to resist the incoming float. The gains, thoroughly backed by turnover, allowed various short-term trading opportunities to the daring participants. Top two volume leaders, LOTPTA and KESC, contributed almost 40 percent to the total turnover, that stood at 219 million shares.
He said that since various grievances on economic and financial front persisted, the horizon certainly stayed confined, experts viewed. Reduction in political tussle and loud whispers of accumulation through offshore accounts and by foreign fund managers allowed the market men, both from retail and corporate corridors, to take full advantage of huge discounts-initially, through fresh buying, and then through sector and stocks swapping-to take maximum advantage of the discounts, and allowing the index to attain and sustain the 12000 points mark.