A positive trend continued on the Karachi share market and the KSE-100 index increased by 37.14 points to close at 12,743.66 points on the back of local investors and institutional support. The foreign investors however remained on the selling side and withdrew $1.44 million from the local equity market.
After positive opening the investors opted for profit taking and the index dropped into negative zone at 12,654.00 points intra-day low level. However, the reviving investors'' interest supported the index to recover its intra-day losses and to hit 12,790.52 points intra-day high level.
Trading activity also improved as the volumes at ready counter increased to 205.790 million shares as compared to 192.346 million shares traded on last trading session. Total market capitalisation increased by Rs 9 billion to Rs 3.319 trillion. Of the total 365 active scrips, 151 closed in negative and 145 in positive while the value of 69 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 22.360 million shares, however lost Re 0.01 to close at Rs 10.49.
DG Khan Cement surged by Rs 1.07 to close at Rs 28.23 with 20.890 million shares. Lafarge Pakistan inched up by Re 0.09 to close at Rs 2.62 with 17.393 million shares. Fauji Cement gained Re 0.07 to close at Rs 4.25 with 12.854 million shares. Azgard Nine lost Re 0.04 to close at Rs 7.17 with 10.982 million shares.
In the banking sector, UBL and JS Bank increased by Rs 3.31 and Re 0.38 to close at Rs 69.72 and Rs 4.42 with 6.582 million shares and 6.526 million shares respectively. Engro Corp surged by Rs 2.00 to close at Rs 140.48 with 6.558 million shares. Arif Habib Corp declined by Re 0.30 to close at Rs 30.27 with 4.954 million shares. Pace (Pak) Limited lost Re 0.29 to close at Rs 1.97 with 4.920 million shares.
Unilever Foods and Indus Dyeing were the highest gainers increasing by Rs 21.18 and Rs 15.32 to close at Rs 1797.41 and Rs 350.10 respectively while Rafhan Maize and Bata (Pak) Limited were the worst losers declining by Rs 57.14 and Rs 36.16 to close at Rs 2750.00 and Rs 711.84 respectively.
Hasnain Asghar Ali, a market experts said that rumours regarding an increase in holding period for CGT computation did lead to a sluggish start, hefty trading float in various mid-tier and low priced stocks however disallowed the initial negativity to set in, thus allowing the index to cautiously consolidate around the highest levels of recent times, despite concerns highlighted by various rating agencies regarding high government borrowings secured from the banking sector.
He said the day end offloading by the intra-day traders disallowed the index to close at the upper trajectory for the session positive close with decent turnover was however attained. He said high and volumetric activity in frontline cement stocks along with consolidation in various frontline stocks having the capacity of trading at improved multiples subject to implementation of committed infrastructural changes did invite funds flow from local circuits while frontline banking and oil and gas stocks, allowed the index to attain and sustain new highs, along with accumulation in the stocks trading with topping of payouts, including those from the fertiliser sector.