An upward trend continued on the Karachi share market on Tuesday and the KSE-100 index gained another 46.03 points to close at 13,324.34 points on the back of fresh buying by local and foreign investors coupled with an institutional support.
After positive opening the investor opted for profit taking that forced the index into negative zone at 13,261.78 points intra-day low level. Fresh buying after early set back supported the index to recover its intra-day losses and to close in positive. During the session, the index hit 13,363.34 points intra-day high level.
Trading activities however reduced as the volumes at ready counter declined to 250.514 million shares as compared to 295.138 million shares traded on Monday. Total market capitalisation increased by Rs 13 billion to Rs 3.454 trillion. Of the total 367 active stocks, 154 closed in positive and 125 in negative zones while the value of 88 stocks remained unchanged.
NBP was the volume leader with 40.613 million shares and increased by Rs 1.13 to close at Rs 54.95. In the other banking sector stocks, Bank Al Falah and UBL surged by Re 0.45 and Rs 2.72 to close at Rs 15.98 and Rs 80.07 with 19.777 million shares and 6.765 million shares respectively. Jahangir Siddiqui Co gained Re 0.59 to close at Rs 10.96 with 31.565 million shares. Lotte Pakistan PTA closed at Rs 8.99, up Re 0.09 with 9.537 million shares.
Fauji Cement lost Re 0.17 to close at Rs 4.72 with 8.567 million shares. DG Khan Cement declined by Re 0.67 to close at Rs 29.26 with 7.469 million shares. Lafarge Pakistan closed at Rs 2.75, down Re 0.05 with 7.330 million shares. Nishat Mills inched up by Re 0.02 to close at Rs 52.01 with 7.288 million shares. Arif Habib Co lost Re 0.67 to close at Rs 31.21 with 6.500 million shares.
Nestle Pakistan and Indus Dyeing were the highest gainers increasing by Rs 177.87 and Rs 9.46 to close at Rs 4169.85 and Rs 411.71 respectively while Unilever Pak and Wyeth Pak were the worst losers declining by Rs 43.85 and Rs 4.71 to close at Rs 5655.17 and Rs 768.41 respectively.
Ahsan Mehanti at Arif Habib Corp said that the bullish activity witnessed leading the KSE -100 index to a record close amid higher activity on strong valuations after record payout and earning announcement by National Bank. He said that the retail and institutional support witnessed ahead of reformed CGT regime implementation from April1 in blue chip banking, oil and fertiliser stocks on resumption of gas supplies in fertiliser sector, easing circular debt concerns in power sector post major earning announcements at KSE despite concerns current account deficit on rising global commodities.