RECORDER REPORT
KARACHI: A positive trend prevailed at the Karachi share market Thursday and the benchmark index KSE-100 closed above 30,000 points level. The index gained another 85 points to reach 30,025 points compared to 29,940 points Wednesday.
During the intraday trading, the index fluctuated in red and green zones, touching 30,049 points highest and 29,938 points lowest levels. Following a positive trend, the volume moved upward as overall some 191 million shares were traded compared to 172 million in the previous session.
Ahsan Mehanti of Arif Habib said the equity market closed higher in the quarter-end earnings announcement session as global equities recovered from sharp fall this week. Investor interest remained in select stocks across-the-board on easing political concerns and favourable government borrowing data Jul-Oct’14, he added.
Hopes for major developments in China power projects funding and privatisation plan of SOEs played a catalytic role in the bullish activity at KSE,” he added.
Market capitalisation increased by Rs 24 billion to Rs 7.004 trillion up from Rs 6.980 trillion. Trading took place in 410 companies, of which 212 closed in green zone, 176 in the red, while 22 remained unchanged.
Analysts said Engro Fertilizer +1.2 percent lifted investor spirit with an impressive 9M2014 EPS of Rs4.19 vs Rs 2.77 (9M2013). The automobile sector saw profit-taking with GTYR sliding southwards to reach its lower circuit following disappointing earnings, whereas in the pharma sector SEARL reached its upper circuit following a promising EPS of Rs4.37 in 1QFY15 (growth of 136 percent YoY), they added.
Among top 10 volume leaders, nine companies recorded a positive trend. With 18.7 million shares volume, Pak Elektron (R) emerged the volume leader, gaining Re 0.63 to close at Rs 7.77. Pak Elektron stood second, up Re 0.64 to close at Rs 27.78 on 12 million shares. Engro Fertilizer ranked third with 6.6 million shares, gaining Re 0.66 to Rs 56.12.
Maple Leaf Cement closed at Rs 29.32, up Re 0.31 on 5.7 million shares. Some 5.3 million shares of Faysal Bank were traded and the scrip moved up by Re 0.09 to Rs 18.92. Fauji Cement gained Re 0.33 to Rs 21.60 on 5.2 million shares. With 5.1 million shares volume, B.O.Punjab decreased by Re 0.11 to Rs 8.59. Lotte Chemical closed at Rs 6.99, gaining Re 0.16 on 5 million shares. Nishat (Chun) moved up by Re 0.93 to Rs42.02 on 4.9 million shares. With some 4.9 million shares, Jah. Sidd. Co closed at Rs 10.08, up Re 0.26.
Nestle Pak and Fazal Textile SPOT were the top gainers with Rs 275.00 and Rs 41.50 to close at Rs 8,990.00 and Rs 890.50, respectively. Rafhan Maize and Wyeth Pak Ltd were the top losers with Rs 304.99 and Rs 200.00 to close at Rs 11,395.00 and Rs 4,300.00, respectively.
