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KARACHI: Buying in tier-two stocks helped the Karachi bourse to stay in green territory with marginal gains on second consecutive day on Thursday amid healthy trading volume of 100 million shares after a week gap. Selling pressure in heavy weigh stocks including Oil & Gas Development Company and MCB Bank had the potential to place market in red region. The KSE 100-share Index inched up by 8.53 points or 0.09 per cent and closed at 9,096.23 points. Owing to no presence of penny stocks on 30-Index, it fractionally fell by 1.52 points or 0.02 per cent and settled at 9,569.83 points. Analysts observed that majority of the front line stocks failed to sustain in green territory, as investors had adopted a strategy of selling on strength in volume generating stocks. However, tier two stocks attracted some buying, which resulted in increased the day turnover above 100 million shares. Market remained range bound as evident with thin trading value (Rs3.82 billion) and moving of market in a narrow band of about 80 points between 9,168.56 points intra-day high and 9,087.70 points intra-day low. But the positive point for the day session remained its (100-Index) maintenance in green territory throughout for the second successive session. Foreign portfolio investors appeared cautious as they withdrew $958,000 in this session, according to NCCPL. Local companies and mutual fund managers also offloaded shares worth $38,000 and $621,000 respectively. On the other hand, Banks/DFIs, NBFC and the individual investors injected small tranches of $968,000, $261,000 and $256,000, NCCPL says. Ahsan Mehanti at Shahzad Chamdia Securities said that positive activity was witnessed on rising banking spreads and falling T-Bill yields. Brokerage sector remained in lime light amid expectation of positive earnings this quarter. Topline Securities reported that market opened with a positive mood today amid fall in T-Bills rates and expectation of positive outcome from an upcoming meeting between government and refineries on pricing formula. However, political noise in the country forced investors to remain on the sideline, which was clearly reflected in the volumes. Aziz Fidahusein & Company reported that investment (securities) companies emerged as volume leaders and sentiment builders so did their portfolio stocks, although turnover in their portfolio stocks stayed low. Nevertheless, the efforts allowed opportunities for day trade, while main board stocks stayed glued at their opening levels, mainly due to visible float on strength due to various concerns. Prolonged stagnation, however, forced the main board to lose grip and the stocks with reservations started melting at a high pace, while higher demand of yarn and cotton in international markets allowed decent gains in textile and fibre sector stocks. Low value and mainly textile sector stocks kept the excitement alive during the day, besides contributing to the turnover. Lacklustre and dry spells however stayed prominent feature, mainly due to low volume and high earnings multiple in the stocks carrying some serious reservations, he added. Turnover improved to 103.78 million shares from 92.34 million shares yesterday. Turnover in future market lowered to 1.07 million shares against 1.73 million shares traded on last session. Market capitalisation was up by Rs4 billion at Rs2,631 billion. Among 402 actives, 201 advanced, 172 declined and 29 stocks remained unchanged. Highest volumes were witnessed in JS Company at 9.52 million closing at Rs31.34 with a gain of Rs1.36, followed by AH Securities at 9.26 million closing at Rs48.83 with a gain of Rs1.59, Pace (Pak) at 7.20 million closing at Rs5.74 with a gain of 11 paisa, Bank of Punjab at 6.77 million closing at Rs17.06 with a loss of 36 paisa, and Azgard Nine at 5.55 million closing at Rs21.43 with a gain of 54 paisa. End.
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