Index gains 52 points

A bullish trend was observed at Karachi share market on Monday on the back of buying by both local and foreign investors, helping the KSE-100 index gain 52.55 points. The market opened in green zone and remained in positive side for the entire day. The index hit 10,537.22 points intra-day high. However, it closed at 10,484.39 points.Trading, however, posted some decline and volume at ready counter was 103.148 million shares as compared to 112.60 million shares traded on Friday. Market capitalisation increased by Rs 6.28 billion to Rs 2.88 trillion from 2.873 trillion.Trading took place in 405 scrips, out of which 209 closed in positive and 170 in negative, while the value of 26 scrips remained unchanged. Lotte Pakistan was the volume leader with 16.89 million shares and gained Re 0.03 to close at Rs 9.69. Jahangir Siddiqui Sec increased by Re 0.52 to close at Rs 9.821 with 14.63 million shares, while Arif Habib Sec surge by Rs 1.02 to close at Rs 24.23 with 6.06 million shares.D G Khan Cement increased by Re 0.66 to close at Rs 26.36 with 5.3 million shares. National Bank gained Rs 1.36 to close at Rs 65.57 with 4.7 million shares. Nishat (Chunian) inched up by Re 0.30 to close at Rs 19.41 with 3.44 million shares. Nishat Mills increased by Re 0.63 to close at Rs 51.49 with 2.623 million shares. Azgard Nine gained Re 0.23 to close at Rs 10.42 with 2.9 million shares. With 2.6 million shares trading Telecard Pakistan mounted by Re 0.07 to close at Rs 2.54. P.T.C.L.A lost Re 0.24 to close at Rs 19.05 with 1.7 million shares.

Rafhan Maize and Colgate Palmolive were the highest gainers and increased by Rs 58 and Rs 28 to close at Rs 1,428.00 and Rs 768.00 respectively, while Siemens Pakistan and Wyeth Pak Ltd were the worst losers decline by Rs 37.99 and Rs 29.73 to close at Rs 1,152 and Rs 800.33 respectively. Ahsan Mehanti at Arif Habib Investments said that positive activity continued in the market on institutional interest and renewed foreign interest in oil, gas and banking scrips.

He said that market sentiment remained positive throughout the session ahead of major earnings announcements this week. Approval of oil-deregulation policy by Economic Co-ordination Committee (ECC was) taken positive for refineries and oil marketing companies, while cement sector remained in limelight as UN pledged funds for rehabilitation & reconstruction of flood affect regions in Pakistan despite concerns for rising political-judiciary conflict in NRO case hearings & security concerns in the city, he added – Brecorder