RECORDER REPORT
KARACHI: Bullish sentiment prevailed at the Karachi share market Thursday and the benchmark KSE-100 index closed above the psychological barrier of 25,000 supported by better participation.
After witnessing pressure at 25,000-level during past four consecutive trading sessions, finally the market sustained the level and the KSE-100 index reached a new high of 25,072 points gaining 99 points from 24,973 points Wednesday.
“Higher volumes were led by investors’ interest in textile sector stocks as voting for GSP Plus status was taking place in the EU Parliament,” said Asad I Siddiqui, Senior Manager Research at Topline.
Moreover, news flows regarding Etisalat team visiting Pakistan on December 18 to discuss payment of $800 kept PTCL on investors’ radar, he added. “Such high interest enabled PTCL to lead the volume chart followed by Colony Mills that ranked second,” Asad said.
The KSE-100 index also hit intraday high of 25,103.41 points and a low level of 24,917.71 points. Trading activity was also on higher side and the volume at the ready counter surged to 207.7 million shares as compared to previous 179.83 million shares.
Trading took place in 382 scrips, of which 243 went up, 109 went down and that of 30 remained unchanged. Market capitalisation followed suit reaching Rs 6.041 trillion, up by Rs 10.2 billion. Among top 10 scrips, nine closed positive while one remained stable at previous level. P.T.C.L.A was the volume leader with 21.6 million shares. It moved up by Re. 0.27 to Rs 30.56. Colony Mills Ltd gained Re. 0.05 to close at Rs 4.69 on 14.5 million shares. Jah. Sidd. Co. rose by Re. 0.07 to Rs 8.95 on 13 million shares. Nishat (Chunian) closed at Rs 54.98, increasing by Re. 0.52 on 11.21 million shares. Fauji Cement gained Re. 0.02 to close at Rs 13.61 on 9.8 million shares.
Similarly, some 9.1 million shares of Nishat Mills changed hands and the scrip moved up by Rs 1.12 to close at Rs 118.70. D.G.Khan Cement gained Re. 0.53 to Rs 79.30 on 9 million shares. Bank Alfalah rose by Re. 0.02 to Rs 25.54 on 5.4 million shares. Bank Islami Pakistan remained stable at Rs 7.37 on 5 million shares. Engro Foods Ltd moved up by Re. 0.57 to close at Rs 97.10 on some 5 million shares. Bata (Pak) and Island Textile were the top gainers increasing by Rs 132.04 and Rs 45.15 to close at Rs 2,800.00 and Rs 948.15, respectively. Unilever Food and Rafhan Maize were the worst losers declining by Rs 188.00 and Rs 50.00 to close at Rs 10,608.00 and Rs 8,000.00, respectively.
Commenting on the market situation Ahsan Mehanti, Director Arif Habib Securities said stocks closed at all-time high led by cement, textile and telecom sectors as investors speculate over expected release of $850 million of Coalition Support Fund easing the rupee instability.
Higher local cement prices, expectations for higher textile exports on GSP Plus status next month and expected announcements of over $1.2 billion 3G licence auctions in telecom sector played a catalyst role in bullish sentiment at KSE despite concerns for higher government borrowings and over Rs216 billion unsettled circular debt in energy sector, he added.
