A bullish trend was witnessed on the Karachi share market on Tuesday and the KSE-100 index increased by 147.70 points to close at 12,284.62 points. After a positive opening, the index briefly visited negative territory at 12,126.27-point intra-day low due to selling in some select stocks.
However, fresh buying by both local and foreign investors supported the index to hit 12,301.64 points intra-day high. Foreign investors remained net buyers of shares worth $0.40 million. Trading volume, however, reduced to 162.115 million shares as compared to 196.299 million shares traded on Monday. Market capitalisation increased by Rs 38 billion to Rs 3.196 trillion.
Of 339 active stocks, 162 closed in positive and 92 in negative, while the values of 85 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 30.349 million shares and gained Re 0.43 to close at Rs 7.99. Investors'' interest was seen in the banking sector. Thus, Bank Al Falah, NBP, BoP and JS Bank increased by Re 0.31, Rs 1.30, Re 0.13 and Re 0.32 to close at Rs 12.81, Rs 46.59, Rs 6.59 and Rs 4.06 with 12.707 million shares, 9.619 million shares, 6.701 million shares and 5.293 million shares respectively.
DG Khan Cement surged by Re 0.54 to close at Rs 25.37 with 7.512 million shares. PTCLA inched up by Re 0.49 to close at Rs 11.91 with 6.887 million shares. In the fertiliser sector, Engro Corp and Fatima Fertiliser Co increased by Rs 2.88 and Re 0.07 to close at Rs 124.74 and Rs 22.48 with 6.479 million shares and 4.292 million shares respectively. Azgard Nine gained Re 0.14 to close at Rs 4.35 with 5.387 million shares.
Unilever Foods and Nestle Pakistan were highest gainers by Rs 70.75 and Rs 12.05 to close at Rs 1700.00 and Rs 3349.11 respectively, while Indus Dyeing and Ferozsons (Lab) were worst losers by Rs 20.35 and Rs 3.20 to close at Rs 402.84 and Rs 65.51 respectively. Ahsan Mehanti at Arif Habib Corp said that bullish trend continued in the earnings announcement session at KSE led by oil, banking and fertiliser scrips with higher trades on investors'' speculations for strong earning announcements.
He said that the renewed foreign investment, improved Pak-US relations and expectations for early resolution of circular debt concerns in the country played catalyst role in bullish sentiment despite concerns on uncertain political outlook after suspension of state ministers and IMF warnings on Pakistan economic challenges.