KSE witnesses another buying spree

KARACHI (January 07 2009): Buying spree continued at the Karachi share market on Tuesday on the back of investors interest to take fresh positions in the oversold market. The benchmark KSE-100 index gained another 156.97 points to close above the 6,000 psychological level at 6,074.87 points. Trading volume at the share market was comparatively thin at 165.193 million shares as compared to 210.111 million shares traded a day earlier.

The overall market capitalisation increased by Rs 42 billion to Rs 1.921 trillion. Trading took place in 285 scrips, out of which 147 scrips closed in the positive and 133 in the negative while the value of 5 scrips remained unchanged.

The E&P giant, OGDC was the overall volume leader with 13.525 million shares and gained Rs 2.46 to close at Rs 51.73. TRG Pakistan increased by Re. 0.14 to close at Rs 2.99 with 10.511 million shares. NIB Bank surged by Re. 0.34 to close at Rs 6.35 with 7.990 million shares.

WorldCall Telecom gained Re. 0.88 to close at Rs 5.11 with 7.163 million shares. PTCL increased by Re. 1.00 to close at Rs 16.61 with 6.864 million shares. Zeal Pak surged by Re. 0.09 to close at Re. 0.80 with 6.546 million shares. Pervez Ahmed closed at Rs 6.20, up by Re. 0.99 with 6.213 million shares. PSO also remained active and gained Rs 4.14 to close at Rs 128.12 with 6.059 million shares. UBL increased by Rs 1.77 to close at Rs 37.31 with 5.425 million shares. MCB Bank surged by Rs 5.40 to close at Rs 113.92 with 5.019 million shares.

Unilever Pak and Millat Tractors were the highest gainers and gained Rs 10.00 and Rs 7.55 to close at Rs 1975.00 and Rs 158.59 respectively while Nestle Pakistan and Siemens Pak were the worst losers and lost Rs 66.67 and Rs 51.00 to close at Rs 1266.83 and Rs 970.00 respectively.

Ahsan Mehanti at Shehzad Chamdia Securities said that the buying euphoria continued as fresh investments from institutions, retail investors helped the market to recover its losses. Bullish sentiments prevails as market crossed 6,000 level and the panic selling ended as investors regained confidence due to Rs 20 billion NIT fund to bail out the share market.