Sentiment at the Karachi share market remained positive on the first trading day of the new week Monday and the benchmark KSE-100 index gained some 236 points under the lead of banking sector. The index settled at 30,394 points compared to 30,159 points Friday. The local bourse opened on a positive note and stayed in green zone till the end of the session.
During the intraday trading, the index touched 30,445 points highest level with improved trading activity. Volume at the ready counter surged by 10 percent compared to previous session and overall some 252 million shares were traded against 230 million shares in the previous session. "The market opened the week on a bullish note as optimism on Pakistan receiving the IMF loan disbursements by the end of December-2014 remained high," analysts said.
The IMF mission chief to Pakistan was quoted by the media hinting at a possible release of two tranches worth $1.1 billion on account of Extended Credit Facility simultaneously by the year-end, they added. The banking sector was the main index driver with MCB Bank +1.5 percent and Habib Bank +4.8 percent gaining on expectations for record profitability and secondary offerings in the sector, they maintained.
They said Engro Corporation +2.4 percent gained on expectations of an improved bottom-line for its fertiliser unit as GIDC tax status remained in limbo after the Supreme Court declared the imposition illegal last week. OGDC -0.5 percent was the major lagging mover as its secondary offering was allowed by the SC but investors expect the deal to go through at some discount to market prices.
Following the bullish trend, market capitalisation rose by Rs 47 billion to Rs 7.048 trillion up from Rs 7.001 trillion. After the Eid holidays, investors' interest has seen in small scrips and overall number of companies also increased on Monday. Overall, trading took place in 430 companies, of which 261 closed in green zone, 151 in the red while 18 companies remained unchanged.
Among top 10 volume leaders, eight's companies recorded a positive trend. With 21.6 million shares volume, Ghani Automobile emerged the volume leader, gaining Re 0.15 to close at Rs 6.69. Dewan Motors stood second, down Re 0.04 to close at Rs 9.76 on 13 million shares. Media Times Ltd ranked third with 10 million shares and rose by Re 0.38 to Rs 2.71.
Askari Bank closed at Rs 22.59, up Re 0.51 on 9.9 million shares. Some 8.9 million shares of Jah. Sidd. Co were traded and the scrip surged by Rs 0.51 to Rs 10.37. P.I.A.C (A) moved up by Re 0.30 to Rs 6.22 on 8.4 million shares. Bank Al-Falah closed at Rs 29.58, gaining Re 0.30 on 8.3 million shares. Descon Chemical increased by Re 1 to Rs 5.24 on 8.2 million shares.
With 6.8 million shares trading volume, TRG Pak (R) lost Re 0.16 to close at Re 0.67. D.G.K Cement closed at Rs 80.16, up Rs 0.55 on 6.8 million shares. Nestle Pak and Bata (Pak) were the top gainers with Rs 151.00 and Rs 67.50 to close at Rs 7,750.00 and Rs 3,267.50, respectively. Rafhan Maize and Pak Tobacco were the top losers with Rs 599.95 and Rs 44.70 to close at Rs 11,400.00 and Rs 849.30, respectively.