Bullish trend was witnessed at the Karachi share market on Wednesday and the KSE-100 index registered a healthy gain of 140.91 points to close at 12,264.06 points. The investors took fresh positions aggressively on their expectations of some tax incentives in the upcoming budget that supported the index to close well above 12,200 psychological level, analysts said.
Trading volumes at ready counter, however, reduced to 118.307 million shares, as compared to 123.103 million shares traded on Tuesday. Total market capitalisation increased by Rs 39 billion to Rs 3.256 trillion. Out of the total 350 active scrips, 173 closed in positive and 94 in negative, while the value of 83 stocks remained unchanged. Fauji Cement (R) was the volume leader with 15.116 million shares, however, lost Re 0.04 to close at Re 0.10.
International Steel, on the first day of its trading, increased by Re 0.78 to close at Rs 14.84 with 9.459 million shares. Fatima Fertiliser Co gained Re 0.56 to close at Rs 13.46 with 8.691 million shares. Byco Petroleum surged by Re 0.75 to close at Rs 10.01 with 8.370 million shares. Jahangir Siddiqui Co inched up by Re 0.48 to close at Rs 7.79 with 7.278 million shares.
Lotte Pakistan PTA gained Re 0.10 to close at Rs 15.02 with 4.864 million shares. Dewan Salman lost Re 0.02 to close at Rs 3.00 with 3.812 million shares.
Attock Refinery surged by Rs 6.55 to close at Rs 137.60 with 3.570 million shares. Fauji Fertiliser Bin Qasim increased by Re 0.66 to close at Rs 43.49 with 3.363 million shares. DG Khan Cement gained Re 0.75 to close at Rs 23.85 with 3.089 million shares.
Unilever Pak and National Refinery were the highest gainers increasing by Rs 49.46 and Rs 18.03 to close at Rs 4995.86 and Rs 382.82, respectively while Nestle Pakistan and J.D.W. Sugar Mills were the worst losers declining by Rs 59.05 and Rs 2.29 to close at Rs 3330.76 and Rs 76.68, respectively.
Ahsan Mehanti at Arif Habib Investments said that bullish activity was witnessed in oversold market in scrips across the board on strong institutional and foreign interest ahead of federal budget announcement this week.
He said that the pre budget rally was led by oil sector scrips after US brent crude crossed $116 and expectation loom over positive federal budget announcements for oil refineries, cement and fertiliser sectors. UK commitment for 1.4 billion pounds for Pakistan development assistance was taken positive despite concerns for rising fiscal deficit.