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KSE recovers overnight losses

18 July, 2007


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KARACHI:Karachi share market recovered overnight losses on the back of fresh buying on the back of increasing oil prices in the international market as the benchmark KSE-100 index once again breached through 14,000 crucial level to close at its intra-day high level of 14,053.94 points with a net gain of 108.91 points on Tuesday.

The KSE-30 index surged by 136.95 points to close at 16,949.51 points' level. Trading activity slightly improved as the ready market volume increased to 335.399 million shares as compared to 321.671 million shares traded a day earlier.

The futures market turnover, however, declined to 62.083 million shares against 73.203 million shares previously. The overall market capitalisation surged by Rs 28 billion to Rs 4.145 trillion. Trading took place in 395 scrips, out of which 232 scrips closed in positive column and 134 scrips in negative column, while the value of 29 scrips remained unchanged.

Arif Habib Sec was the star performer of the day with 26.543 million shares and the scrip surged by Rs 5.95 to close at Rs 148.30 followed by Dewan Salman, which gained rupee one to close at Rs 13.05 with a total 26.402 million shares. Fauji Fertiliser Bin Qasim also performed well and increased by Rs 1.30 to close at Rs 47.40 with a total turnover of 20.387 million shares.

PTCL gained Rs 0.60 to close at Rs 58.50, while WorldCall Telecom increased by Rs 0.50 to close at Rs 19.90. The E&P giant OGDC surged by Rs 0.65 to close at Rs 123.75. Bosicor Pakistan gained Rs 0.30 to close at Rs 20.95. SSGC increased by Rs 1.50 to close at Rs 31.70. Pervez Ahmed Sec closed at Rs 29.90, up by Rs 0.65.

Siemens and Adamjee Insurance were the highest gainers, which gained Rs 25 and Rs 14.80 to close at Rs 1675.00 and Rs 311.70 respectively, while Pak Services and Bata (Pak) were the highest losers, which lost Rs 15.50 and Rs 14.95 to close at Rs 492.50 and Rs 375.00 respectively.

Ahsan Mehanti at Shehzad Chamdia Securities said that fresh buying was witnessed at the share market on the back of increasing oil prices in the international market, which reached its highest ever level of 78 dollars per barrel. On the other hand, easing law and order situation restored the investors' confidence and invited fresh buying. "The local institutions and retail investors took fresh positions mainly in cement, fertiliser, oil and telecom sectors", he added.

Hasnain Asghar Ali at Aziz Fidahusein Securities said that adjustment in accordance with new CFS regulations led to an initial set back, but the KSE-100 index found strong intra-day support around previously mentioned support of 13,890-13,896 as the attractive values invited renewed buying interest.

The thrill and excitement of Trade and Petroleum policy did invite aggressive buying in the beneficiaries, while availability of oil and gas exploration stocks at discounted levels continued to attract fresh funds.

The index, therefore, witnessed consolidation throughout the session and maintained positive stance on closing, inability of the index to close above the intra-day resistance of 13,977-13,983 might activate the support of 13,927-13,933 while over head resistance stays at 14,127-14,132. Expectation of healthy earnings and growth in the main stocks will allow the bulls to stay in the arena.


 
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