KARACHI (February 09 2010): The Karachi share market on Monday witnessed fresh buying which supported the KSE-100 index to close above 9,800 points level at 9,809.98 points with a gain of 40.25 points. However, fresh buying at low levels mainly in some E&P, cement and fertiliser sector stocks supported the index to recover its intra-day losses and to remain in the green till closing.

Trading, however, remained dull and the volume at ready counter declined to 182.215 million shares as compared to 297.644 million shares traded on previous session. Market capitalisation increased by Rs 11 billion to Rs 2.821 trillion. Of 400 active stocks, 190 closed in positive and 186 in negative, while the value of 24 stocks remained unchanged. Lafarge Pakistan was the volume leader with 31.099 million shares. However it lost Re. 0.62 to close at Rs 4.00.

Fauji Cement gained Re. 0.21 to close at Rs 7.40 with 8.338 million shares. Byco Petroleum increased by Re. 0.96 to close at Rs 14.88 with 7.577 million shares. Lotte Pakistan declined by Re. 0.21 to close at Rs 11.11 with 7.558 million shares. WorldCall Telecom closed at Rs 4.40 down Re. 0.0.23 with 7.474 million shares.

OGDC surged by Rs 2.22 to close at Rs 119.35 with 6.620 million shares. PTCL lost Re. 0.03 to close at Rs 20.12 with 6.196 million shares. Dewan Salman increased by Re. 0.10 to close at Rs 2.16 with 5.776 million shares. Fauji Fertiliser Bin Qasim declined by Re. 0.31 to close at Rs 31.53 with 4.900 million shares. SilkBank increased by Re. 0.30 to close at Rs 4.95 with 4.853 million shares.

Nestle Pak and Rafhan Maize were the highest gainers and increased by Rs 49.51 and Rs 20.50 to close at Rs 1199.51 and Rs 1450.00 respectively, while Unilever Pakistan and Lakson Tobacco were the worst losers and declined by Rs 47.69 and Rs 11.97 to close at Rs 2996.70 and Rs 245.03 respectively.

Hasnain Asghar Ali at Aziz Fidahusein Co said that the invitation of talks by India and political reconciliation after twin blasts in the city on February 5 seemingly neutralised the impact of act of terror. The local bourse after a weak opening soon gathered strength and the index heavyweights with low turnover entered the green zone, thus influencing the index.

He said that the turnover was led by below par and low priced stocks. Stagnation after early trading hours, however, kept the market participants on the sidelines. Ability of the main to sustain expensive valuation kept minor gains intact. Strategy of sell on strength was, however, quite visible, thereby disallowing low turnover and price inflation to add substantial numbers to the index.

Copyright Business Recorder, 2010