KARACHI: The new year bull-run was further extended on the share market on Tuesday as investors were not inclined to miss the benefits of a weakening rupee and rise in oil prices and made strong covering purchases on the oil and banking counters.
Analyst Hasnain Asghar Ali said the addition of 219.53 points or 2.33 per cent in the benchmark KSE 100-share index at 9,657.38 and Rs60bn in the market capital suggested that both the local and foreign investors now mean business ignoring the fallout of higher oil prices and weak rupee on the economy.
A respectable volume of around 200m shares may not have opened the floodgate of the foreign support, but depicts a healthy sign as far as new year perceptions are concerned, analyst Ahsan Mehanti thinks.
“As was expected the new year covering purchases has made a massive debut and may be sustained in the weeks to come, of course, followed by technical corrections,” he said and added investors seemed to be terribly convinced that future sailing on the political and law order fronts may be smooth.
He said investors were worried over the hanging sword of a massive circular debt of Rs250 billion, which could take its toll any time.
Ashraf Zakaria said apart from filling in portfolio gaps here and there, the rally appeared to be essentially linked to perception of higher dividend and corporate earnings by most of the industrial sectors.
Plus signs again dominated the list under the lead of Unilever Pakistan and its sister company Unilever Foods, up by Rs35 and Rs48.95 followed by leading oil shares, notably OGDC, Pakistan Oilfields, Pakistan Petroleum, Shell Pakistan and Attock Petroleum, Siemens Pakistan, Ghani Gases and Millat Tractors, which were marked up by Rs4.23 to Rs12.30.
Prominent losers were led by Bata Pakistan and Wyeth Pakistan, off by Rs22 and Rs35.60. Nestle Pakistan, Lakson Tobacco, Thal Industries and Fazal Textiles followed them, lower by Rs3.96 to Rs21.25.
Traded volume swelled to 193m shares from the previous 95m shares as gainers held a strong lead over the losers at 222 to 159, with 22 shares holding on to the last levels.
The active list was topped by Ghani Gases, which made its debut at its face value of Rs10, steadily rose to close at Rs21.90 on 21m shares.
Other actives were led by OGDC, sharply higher by Rs6.52 at Rs117.41 on 16m shares followed by Arif Habib Securities, higher by Rs1.78 at Rs51.54 on 14m shares, PTCL, steady by 22 paisa at Rs18.29 on 13m shares, Lotte Pakistan, firm by 17 paisa at Rs8.24 on 10m shares, Bank of Punjab, up 39 paisa at Rs20.85 on 9m shares, JS & Co, higher by 55 paisa at Rs30.44 on 8m shares.
FUTURE CONTRACTS:
OGDC also led the list of actives on this counter, higher by Rs5.44 at 117.32 on 0.814m shares, Adamjee Insurance, up Rs2.93 at Rs128.45 on 0.432m shares and Pakistan Oilfields, sharply higher by Rs8.63 at Rs245.2 on 0.422m shares.
D.G. Khan Cement came in for modest selling and ended lower by 67 paisa at Rs33.20 on 0.366m shares and Nishat Mills, up Rs1.67 at Rs71.90 on 0.288m shares.
DEFAULTER COMPANIES:
Active trading was witnessed on this counter where Japan Power again led the list of volume leaders, easy one paisa at Rs2.55 on 0.509m shares followed by Crescent Standard Modaraba, lower nine paisa at Rs0.55 on 0.190m shares and Pangrio Sugar, higher by Re1 at Rs6.75 on 0.149m shares.
Among other actives, Amazai Textiles and Haydery Construction were notable, unchanged and steady three paisa at Rs0.50 and Rs0.82 on 20,500 and 17,340 shares, respectively.
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