An upward trend continued on the Karachi share market on Monday on the back of local retail investors, institutions and foreigners support. The benchmark KSE-100 index gained 29.80 points and closed at the level of 13,382.54 points with record high volumes. The foreign investors interest continued at the local equity market and they remained net buyers of shares worth $4.06 million.
After positive opening the index breached 13,500 psychological level to hit 13,553.11 points intra-day high level. However profit taking in late hours minimised intra-day gains. On the back of aggressive buying by local retail investors, institutions and foreign participants, daily trading activities improved tremendously and the volumes at ready counter increased to 576.823 million shares as compared to 552.793 million shares traded on last trading session.
Total market capitalisation increased by Rs 4 billion to Rs 3.476 trillion. Of the total 389 active scrips, 179 closed in positive and 134 in negative while the value of 76 stocks remained unchanged. NIB was the volume leader with 58.663 million shares and gained Re 0.18 to close at Rs 3.03. In the other banking sector stocks, Summit Bank, SilkBank and BoP increased by Re 0.03, Re 0.09 and Re 0.03 to close at Rs 3.86, Rs 2.84 and Rs 9.05 with 33.759 million shares, 26.982 million shares and 16.584 million shares respectively while JS Bank declined by Re 0.36 to close at Rs 6.38 with 15.391 million shares.
Jahangir Siddiqui Co inched up by Re 0.70 to close at Rs 14.66 with 54.000 million shares. Fauji Cement lost Re 0.07 to close at Rs 5.45 with 33.200 million shares. TRG Pakistan gained Re 0.34 to close at Rs 3.96 with 29.974 million shares. Fatima Fertiliser Co declined by Rs 1.10 to close at Rs 24.51 with 21.825 million shares. Azgard Nine lost Re 0.79 to close at Rs 7.15 with 18.986 million shares.
Nestle Pakistan and Pak. Int. Con. were the highest gainers increasing by Rs 9.55 and Rs 7.04 to close at Rs 4032.68 and Rs 147.96 respectively while Rafhan Maize and National Refinery were the worst losers declining by Rs 149.36 and Rs 7.05 to close at Rs 2839.34 and Rs 261.05 respectively. Samar Iqbal at Topline Securities said that the investors preferred to invest in low priced stocks as volumes remained at record six-year high. Some profit taking was seen in key stocks however index managed to close in positive territory. Fatima fertiliser dividend announcement failed to excite investors as its share price fell after the announcement.