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KARACHI: The KSE 100-share index on Friday breached through the psychological barrier of 13,000 points and analysts predicted it could well prove the takeoff point for its onward thrust to its pre-reaction level of 15,172.00 points hit a decade earlier.
“The four year high at 13,088.97,touched at the weekend session reflects the terribly changed future share business outlook ”,said a leading stock analyst Samar Iqbal “the main driving force behind the sustained run-up, which pushed the benchmark about six percent during the last couple of weeks is reminiscent of boom conditions of yester years”.The benchmark hit the 13,000 points mark in June 2,008 and since then it is fluctuating either-way under the cross-current of positive and negative news.
The interesting feature of the trading was that the rally was across the board and was not confined to any sector and reflected that investors perceptions about the future market are terribly positive.
All the leading shares, notably oil, fertiliser, banking and cement shares participated in the rally across the board in large volume of over 250m shares.
Apart from higher corporate announcements by most of the leading companies including bonus shares by some, the perception that the amended Capital Gain Tex regime, which will expected to be enforced by the next month seems to be the chief inspiring factor behind the sustained run-up, analyst Ahsan Mehanti said.
“Massive volumes in half dozen shares on the forward counter indicate that the post-CGT regime stock market could be more attractive than the current one,” he said.
Leading gainers were led by Nestle Pakistan and Indus Dyeing, up by Rs151.96 and Rs18.04, while among the top losers Unilever Foods and Bata Pakistan were leading, off by Rs89.41 and Rs30.23 respectively.
Traded volume rose to 253.003m shares from the previous 182m shares as gainers forced a strong lead over the losers at 183 to 73, with 93 shares holding onto the last levels.
The active list was led by Fauji Cement, steady 56 paisa at Rs5.03 on 45m shares followed by Fatima Fertiliser, up Rs1.21 at Rs25.45 on 19m shares, JS & Co, firm by 19 paisa at Rs9.37 on 15m shares, Arif Habib Corporation, up Rs1.10 at Rs30.97 on 14m shares, D.G. Khan Cement, higher by Rs1.18 at Rs29.74 also on 14m shares, Lafarge Pakistan, steady 35 paisa at Rs2.76 on 13m shares and BankIslami Pakistan, up Re1 at Rs5.93 on 9m shares.
They were followed by National Bank, sharply higher by Rs2.39 at Rs52.85 on 9m shares, Bank Alfalah, higher by Re1 at Rs4.53 also on 9m shares and Lotte Pakistan, steady by 22 paisa at Rs8.91 on 9m shares.
FUTURE CONTRACTS: The active list on this counter was led by D.G. Khan Cement, higher by Rs1.13 at Rs29.91 on a large volume of 2.953m shares followed by Engro Corporation, up Rs2.22 at Rs113.88 on 2.847m shares and National Bank, up Rs2.41 at Rs53.28, closing at its upper limit on 2.454m shares.
They were followed by Arif Habib Corporation, up Rs1.06 at Rs31.18 on 1.998m shares and Attock Refinery, higher by Rs1.94 at Rs129.66 on 0.766m shares.
DEFAULTER COMPANIES: The activity on this counter was slow owing to heavy buying in the ready section on some positive news under the lead of Kohinoor Power, which was traded unchanged at Rs180 on a large volume of 0.277m shares followed by Dost Steels, steady by four paisa at Rs2.30 on 0.133m shares, Genertech Power, unchanged at Rs0.40 on 48,348 shares and Brothers Textiles, lower 12 paisa at Rs1.38 on 13,972m shares.
DIVIDEND: Dawood Lawrence, final cash 10 per cent for the year ended Dec 31, 2011.
