RECORDER REPORT

KARACHI: The Karachi share market wrapped up the week on a bullish note as the benchmark KSE-100 index rose by 172 points Friday to close at 30,376 points compared to 30,204 points Thursday.

Commenting on the market situation, Ahsan Mehanti, an analyst at Arif Habib, said led by oil, fertilizer and auto stocks, the market closed bullish amid thin trade ahead of long weekend on account of Ashura holidays

He said the ECC approval on upward revision in Oil Marketing Companies (OMCs) margins, expected approvals on new auto industrial development policy, announcements on OGDCL 7.5 percent shares sale transaction book building next week and recovery in global stocks played a catalytic role in bullish close at KSE despite concerns for political opposition to the government’s privatisation plan.

During the intraday trading, the index fluctuated in red and green zones, touching 30,383 points highest and 30,201 points lowest level. Despite bullish trend, trading volume moved down and overall some 141 million shares were traded compared to 152 million in last session.

Market capitalisation posted an increase of Rs 32 billion to Rs 7.034 trillion up from Rs 7.002 trillion. Trading took place in 371 companies, of which 200 closed in green zone, 157 in the red, while 14 remained unchanged.

According to Samar Iqbal, Assistant Vice President Equity Sales Topline Securities, the market kept on rallying amid better result announcements and sector-wise favourable decisions of the ECC. The OMCs rallied after the ECC decision to raise fuel margins and hence the index gained 172 points.

Volumes decreased to 141 m shares, while value remained at USD96mn (value PKR9.6bn). Auto assemblers also continued rallying amid depreciating JPY. POL also rallied after better than consensus September quarter result announcement

Among top 10 volume leaders, nine companies recorded a positive trend. With 14.35 million shares volume, Pak Elektron emerged the volume leader, gaining Rs 1.23 to close at Rs 28.34. Pak Elektron (R) stood second, up Re 0.99 to close at Rs 7.95 on 9.6 million shares. K-Electric ranked third with 6.3 million shares, gaining Re 0.12 to Rs 7.82.

B.O.Punjab closed at Rs 8.90, up Re 0.11 on 4.6 million shares. Some 4.5 million shares of United Bank Ltd were traded and the scrip gained Rs 3.18 to Rs 196.60. NIB Bank inched up by Re 0.03 to Rs 1.99 on 3.9 million shares. Some 3.7 million shares of Hascol Petrol were traded and the scrip increased by Rs 0.94 to Rs 75.85. Maple Leaf Cement closed at Rs 29.81, gaining Re 0.05 on 3.4 million shares.

Nishat Mills LtdXD declined by Rs 2.03 to Rs 109.94 on 3.2 million volumes and with some 3 million shares trading, Tariq Glass IndXD closed at Rs 41.87, up Rs 1.99.

Rafhan Maize and Murree BreweryXD were the top gainers with Rs 535.00 and Rs 46.89 to close at Rs 11,235.00 and Rs 1,007.05, respectively. Bata (Pak) and Island TextileXD were the top losers with Rs 87.00 and Rs 54.49 to close at Rs 3,260.00 and Rs 1,035.50, respectively.