RECORDER REPORT
KARACHI: The Karachi share market Tuesday bounced back after a couple of ‘red’ sessions. The benchmark KSE-100 index gained 343 points to close at 29,726 points compared to 29,383 points Monday.
“Overwhelming response to Saif Power positively affected the overall sentiment, while renewed buying in UBL and NBP also supported the share price of banking sector,” said Samar Iqbal, Assistant Vice President, Equity Sales Topline Securities.
She said on Tuesday the market gained 1.17 percent to reach 29,726 points level with higher volume, which increased to 100 million shares. Value also increased to $62 million or Rs 6.2 billion. Surprise bonus payout of 20 percent by Mari resulted in recovery in Mari prices, she maintained.
During the intraday trading, the market fluctuated in red and green zones as the KSE-100 index also touched 29,750 points highest and 29,375 lowest level. Investors’ interest also resulted in higher turnover and trading volume at the ready counter rose by 9 percent to 100 million shares against 91 million shares in the previous session.
Similarly, with an increase of Rs 72 billion, the market capitalisation reached Rs 6.914 trillion mark up from Rs 6.842 trillion. Trading took place in 375 companies, of which 215 closed in green zone, 133 in the red while share prices of some 27 companies remained unchanged.
Analysts at said Oil & Gas sector witnessed a bullish spree after the announcement of Mari Petroleum outperforming result of EPS Rs42.92 (growth 62 percent) and 20 percent bonus shares.
Textile sector gained momentum after the textile minister announced that the new policy for the sector will be unveiled immediately after Eid, they added.
Another incentive to the market was the quarter ending which led to the active participation by mutual funds. Going forward, they expect the market to remain rangebound as investors may opt to book profits before Eid.
Among top 10 volume leaders, seven companies closed positive. Pak Elektron Ltd emerged the volume leader with 8 million shares, gaining Re 0.78 to close at Rs 27.19. United Bank stood second up Rs 3.47 to Rs 188.34 on 4.8 million shares. Nishat (Chunian) ranked third as some 4.5 million shares were traded and the scrip increased by Rs 1.92 to Rs 40.68. With a trading volume of 3.8 million shares, Lafarge Pak closed at Rs 16.51, down Re 0.10.
National Bank gained Rs 2.67 to Rs 60.50 on 3.3 million shares. Some 2.8 million shares of Pervez Ahmed were traded and the scrip declined by Re 0.07 to Rs 3.22. B.O.Punjab moved up and increased by Re 0.14 to Rs 7.99 on 2.8 million shares. Bank Al-Falah closed at Rs 28.38, down Re 0.14 on 2.5 million shares.
With a trading volume of 2.3 million shares, Fatima Fert surged by Re 0.92 to close at Rs 28.41. Summit Bank closed at Rs 3.08, up Re 0.05 on 2 million shares.
Rafhan Maize and Wyeth Pak Ltd were the top gainers with Rs 245.45 and Rs 103.33 to close at Rs 11,145.45 and Rs 4,430.00 respectively. Nestle PakXD and Siemens Pakistan were the top losers with Rs 138.00 and Rs 55.00 to close at Rs 7,400.00 and Rs 1,064.00, respectively.
