The Karachi share market on Friday witnessed a bullish trend on the back of across-the- board buying by both local and foreign investors. The benchmark KSE-100 index surged by 105.69 points to close at the level of 13,799.43 points. The foreign investors remained net buyers of shares worth $4.16 million. After opening on strong positive note, the index once again breached 14,000 crucial level to hit 14,007.55 points intra-day high.
However, profit taking in some stocks in late hours minimised the intra-day gains. Trading activity also improved as the volume at ready counter increased to 380.025 million shares as compared to 340.509 million shares traded on Thursday. Total market capitalisation increased by Rs 22 billion to Rs 3.537 trillion. Of the total 354 active stocks, 153 closed in positive and 129 in negative zones while the value of 72 stocks remained unchanged.
Jahangir Siddiqui Co was the volume leader with 28.478 million shares, however lost Re 1.00 to close at Rs 18.77. PTCL gained Re 0.96 to close at Rs 13.08 with 25.814 million shares. In the cement sector, DG Khan Cement, Fauji Cement, Dewan Cement and Lafarge Pakistan declined by Rs 1.55, Re 0.54, Re 1.00 and Re 0.33 to close at Rs 38.42, Rs 6.15, Rs 6.46 and Rs 4.91 with 23.143 million shares, 18.200 million shares, 17.966 million shares and 16.322 million shares respectively.
Lotte Pakistan PTA inched up by Re 0.70 to close at Rs 8.77 with 16.686 million shares. NBP increased by Rs 1.08 to close at Rs 47.98 with 14.094 million shares. Dewan Salman lost Re 0.24 to close at Rs 2.75 with 11.979 million shares. Azgard Nine declined by Re 0.68 to close at Rs 8.40 with 11.028 million shares.
Unilever Food and Millat Tractors were the highest gainers increasing by Rs 90.56 and Rs 19.16 to close at Rs 1901.81 and Rs 504.16 respectively while Nestle Pak and Mithchells Fruit were the worst losers declining by Rs 64.43 and Rs 8.62 to close at Rs 4356.08 and Rs 166.38 respectively.
Ahsan Mehanti at Arif Habib Corporation said that the Pakistan stocks closed bullish on expectations for improvement on Pak-US relations post opening of Nato routes after parliament approves policies recommendations and renewed hopes for early announcements on revised CGT regime. He said higher global commodities and stocks, renewed foreign interest in oil and banking stocks on stronger earnings outlook ahead of major earning announcements due next week played a catalyst role in bullish sentiments at KSE despite concerns for worsening law and order situation in the city.