Bullish trend continued at Karachi share market on Friday on the back of both local and foreign investors' support on expectations of early launching of leverage product. The KSE-100 index surged by 74.10 points and closed at 12,533.54 points.
Trading improved and the volume at ready counter increased to 300.500 million shares as compared to 229.463 million shares traded on Thursday. Market capitalisation increased by Rs 22 billion to Rs 3.391 trillion. Of 383 active scrips, 234 closed in positive and 130 in negative, while the values of 19 scrips remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 30.560 million shares and gained Rs 1.91 to close at Rs 41.03. Lotte Pakistan PTA inched up by Re 0.06 to close at Rs 15.56 with 29.256 million shares. Azgard Nine increased by Re 1.00 to close at Rs 10.66 with 27.185 million shares. DG Khan Cement closed at Rs 31.27, up Re 0.25 with 19.787 million shares. Jahangir Siddiqui Co inched up by Re 0.83 to close at Rs 11.95 with 12.834 million shares.
NBP lost Rs 1.09 to close at Rs 78.15 with 12.132 million shares. Arif Habib Corp increased by Rs 1.35 to close at Rs 28.54 with 10.331 million shares. Fatima Fertiliser Co inched up by Re 0.46 to close at Rs 11.97 with 10.113 million shares. Bank Al Falah gained Re 0.33 to close at Rs 11.35 with 8.724 million shares. Engro Corporation surged by Rs 10.37 to close at Rs 219.68 with 8.469 million shares.
Nestle Pakistan and Rafhan Maize were the highest gainers, increasing by Rs 98.82 and Rs 66.29, to close at Rs 2599.32 and Rs 2128.29 respectively, while Unilever Pak and Lakson Tobacco were the worst losers declining by Rs 39.28 and Rs 10.98 to close at Rs 4400.22 and Rs 282.51 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that anticipation of early launch of new leverage product kept the bulls going, although expensive stocks did face offloading by the corporate and well-informed participants (buyers from previous sessions), having access to the privileged information regarding development on leverage product. However, renewed buying in the stocks offering consistent yields, and those carrying potential of substantial rise in valuation after introduction of ready-board leverage mechanism kept the positivism alive. Along the financial groups in their respective listed stocks were the listed holding companies on likely portfolio appreciation. This kept the benchmark and the turnover on gaining ground.