Index gains 162.32 points

KARACHI (October 08 2010): Healthy trading activity was witnessed at the Karachi share market on Thursday on the back of reviving investors’ confidence and the KSE-100 index surged by 162.32 points to close at the level of 10,191.68 points. The market opened on a positive note and the index hit 10,200 points intra-day high level. The index remained in the positive throughout the session.Trading activity significantly improved as the volumes at ready counter increased to 148.216 million shares as compared to 59.684 million shares traded on Wednesday. The overall market capitalisation increased by Rs 41 billion to stand at Rs 2.813 trillion. Out of the total 394 active scrips, 244 closed in positive, 125 in negative while the value of 25 scrips remained unchanged.Jahangir Siddiqui Co was the volume leader with 9.516 million shares gaining Re 0.03 to close at Rs 9.16. In the banking sector, NIB Bank and Bank Al Falah increased by Re 0.47 and Re 0.68 to close at Rs 3.04 and Rs 9.02 with 9.259 million shares and 9.031 million shares, respectively. Lotte Pakistan PTA inched up by Re 0.28 to close at Rs 8.73 with 8.317 million shares.

Sui Northern Gas surged by Rs 1.54 to close at Rs 32.75 with 7.850 million shares. Engro Polymer inched up by Re 0.39 to close at Rs 14.73 with 7.346 million shares. DG Khan Cement increased by Rs 1.17 to close at Rs 24.65 with 7.050 million shares.Nishat Mills gained Rs 1.59 to close at Rs 48.58 with 6.754 million shares. Pace (Pak) Limited inched up by Re 0.12 to close at Rs 3.02 with 6.440 million shares. Nishat Power increased by Re 0.63 to close at Rs 12.42 with 5.145 million shares.

Unilever Pak and Millat Tractors were the top gainers with Rs 43.29 and Rs 16.95 to close at Rs 3993.29 and Rs 442.52, respectively while Rafhan Maize and Dreamworld were the worst losers declining by Rs 51.34 and Rs 10.01 to close at Rs 1246.91 and Rs 699.99, respectively.Hasnain Asghar Ali at Aziz Fidahusein Co said the fresh funds influx mainly by the local groups in their respective listed companies, both front line and third tier, allowed the index a jumpstart with decent turnover along with fresh funds inflow by government treasuries gave the momentum a follow-up. Along with assumptions circulated by the unofficial mediums regarding launch of Margin Trading System without further amendments kept the momentum on the higher side thus proving a complete package to the resident participants to stage the dice.

He said various local corporate participants however stayed on selling side, as they preferred booking profits, positive corporate participants however kept the selling intensity on the lower side in order to take advantage of snap rallies, while index heavy weight OGDC allowed the benchmark to register triple digit gains – Brecorder