Bears stampede as bulls try and hug everything

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The bulls kept dominating Karachi stocks market on Thursday with benchmark, KSE 100-share index gained 6.30 points. The day saw the index closing up by 0.05 percent at 13, 805.42 points against 13, 799.12 points of Wednesday. The Pakistan stocks closed higher on institutional interest amid concerns for rising political uncertainty pending NRO Implementation case. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
On Thursday, the trading volumes at the ready-counter were recorded lower at 63.362 million shares against 94.364 million shares of the previous day. The trading value decreased to Rs 2.304 billion compared to Rs 2.815 billion of the previous session. The intraday high and low, respectively, stood at 13, 880.58 and 13, 785.29 points. He added that the hopes for improvement in Pak-US ties after positive talks between army officials supported the sentiments. The market capitalization increased to Rs 3.520 trillion from Rs 3.518 trillion a day earlier. Of the total 339 traded scrips, 127 gained, 113 lost and 99 finished as unchanged. The free-float KSE-30 index decreased 1.56 points to close at 11, 932.21 points against the previous 11, 933.77 points.
Bankislami Pakistan was the day’s volume leader counting its traded shares at 5.677 million with the opening and closing rates standing at Rs 9.35 and Rs 10.30, followed by Soneri Bank Limited, Summit Bank Limited, Pakistan Telecommunication Company Limited (PTCLA) and D.G.K Cement with turnover of 5.158 million, 5.075 million, 3.658 million and 3.524 million shares respectively. According to analyst the uncertainty in global stocks and commodities on prevailing euro-zone debt crises kept foreign interest on lower end despite strong earnings outlook in blue chip stocks.
On the future market, the turnover plunged by over 6 million shares to 12.411 million against 18.038 million shares of Thursday.
The Rafhan Maize Prod and Siemens Pakistan, up Rs 94.34 and Rs 35.91, led highest price gainers while, Unilever Pakistan and Philip Morris Pakistan, down Rs 280.06 and Rs 9.25respectively, led the losers.