RECORDER REPORT
KARACHI: Although staying volatile, the Karachi share market extended gains Wednesday, adding 371 points or 1.23 percent to the 100-index to close at 30,605.06 points.
From Tuesday’s 30,233.87, the benchmark KSE- 100 index moved in volatility to hit the intraday high and low of 30,950.92 and 30,021.37 points, respectively.
The volatility, Arhum Ghous of JS Global said, could be witnessed as the market rallied by 717 points after an initial low of -210 points and eventually ended +371 points, substantially lower than its mid-day high.
In the second half of trade, she said, profit-taking was witnessed as the market shed approximately 300 points.
The trading turnover slid to 246 million shares from the previous 261 million. Foreign selling stood at $ 5.7 million (net).
The traded value landed in the green zone and appreciated to Rs 15.2 billion compared to Rs 11.4 billion a day earlier. Of the total 364 scrips, 211 went up, 138 lost their worth and that of 15 remained unchanged.
The market capitalisation also moved southward accumulating to Rs 6.809 trillion from Tuesday’s Rs 6.760 trillion.
Bank of Punjab, down 5 paisa, led the volume and counted 22.10 million of its listed shares traded.
Other best performing stocks included Pak Elektron 22.08 million, K-Electric 14.3 million, Engro Corporation 13.2 million, Fauji Cement 11.8 million, Jahangir Siddiqui Company 11.0 million, TRG Pakistan 9.8 million, Maple Leaf Cement 9.8 million, DG Khan Cement 9.0 million and Pakistan International Bulk Terminal 6.9 million shares.
The futures market surged to 46.3 million contracts from the previous 33 million.
“Stocks closed bullish on speculations ahead of quarter-end results due next week,” viewed Ahsan Mehanti of Arif Habib Corp.
The activity was led by cement, fertilizer and banking stocks on strong valuations, he added.
Mehanti cited revision in local petroleum prices and improving economic indicators as catalyst for the day’s bullish activity. This, he said, was despite late session pressure on falling global commodities prices.
The market remained volatile today,” said Arhum, adding that investors exhibited a bullish momentum largely due to the positive expectations about CPI numbers.
Beating the industry expectations of 2.7 percent, the Consumer Price Index inflation clocked in at 2.49 percent during March 2015.
“This creates a rationale for a further discount rate cut with leveraged scrips being its potential beneficiaries,” she said.
The day saw cement giants like MLCF, CHCC and FECTC rallying to hit their upper circuit.
