A bullish trend was witnessed on the Karachi share market on Friday on the back of local investors' interest in oil, fertiliser and banking sector stocks. The benchmark KSE-100 index increased by 69.88 points to close at 12,038.93 points. Foreign investors however remained on the selling side and withdrew $0.50 million from the local equity market.
After positive opening, the index hit 12,111.93 points intra-day high and remained in green throughout the session. Trading activity however remained extremely low due to less participation of investors and hence the volumes at ready counter declined to 39.660 million shares as compared to 48.732 million shares traded on Thursday. Total market capitalisation increased by Rs 16 billion to Rs 3.135 trillion. Out of total 301 active stocks, 113 closed in positive, 83 in negative while the value of 105 stocks remained unchanged.
Bank Al Falah was the volume leader with 4.658 million shares and gained Re 0.14 to close at Rs 11.88. In the other banking sector stocks, MCB and NBP increased by Rs 2.08 and Re 0.55 to close at Rs 162.49 and Rs 45.44 with 4.007 million shares and 2.246 million shares, respectively. Nishat Mills lost Re 0.50 to close at Rs 45.06 with 2.243 million shares.
Investors' interest was also seen in the fertiliser sector stocks, as Fauji Fertiliser Co and Engro Corp surged by Rs 2.99 and Re 0.51 to close at Rs 185.63 and Rs 132.00 with 2.203 million shares and 1.634 million shares, respectively while Fauji Fertiliser Bin Qasim declined by Re 0.15 to close at Rs 59.72 with 1.109 million shares.
In the cement sector, DG Khan Cement lost Re 0.15 to close at Rs 21.23 with 1.709 million shares while Lucky Cement gained Re 0.86 to close at Rs 83.01 with 1.099 million shares. Arif Habib Corp closed at the previous day's closing level of Rs 31.10 with 1.382 million shares. Siemens Pak and Pak Petroleum Limited were the top gainers with Rs 12.95 and Rs 3.31 to close at Rs 937.70 and Rs 181.47, respectively while Nestle Pakistan and Unilever Pak were the worst losers with Rs 65.13 and Rs 30.16 to close at Rs 3096.80 and Rs 5594.77, respectively.
Ahsan Mehanti at Arif Habib Investment said the bullish trend was witnessed at the local bourse on the back of local investors and institutions interest mainly in fertiliser, oil, banking and some cement sector stocks. Banking sector led the rally and top three banks were the volume leaders on Friday. He said the recent discovery of oil invited investors' interest in the oil sector stocks.