KARACHI, May 4: The KSE 100-share index on Friday broke the barrier of 12,500 and finished the weekend session well above it on strong local and foreign buying triggered by reports that CFS ceiling is expected to be raised by another Rs10 billion to 15 billion in tomorrow’s SECP meeting.
Bulk of the fresh buying was confined to leading shares in the, cement oil and banking sectors on the perception that pressure on liquidity will be eased after the CFS limit was raised.
The KSE 100-share index broke the barrier of 12,500 points and was last quoted at 12,512.08 as compared to previous 12,430.16, up by 81.92 points. The KSE 30-share index rose by 104.33 points at 15,656.39.
A top level meeting between the SECP and the KSE high-ups is due tomorrow to take the issue under consideration for the last couple of weeks and indications are that the CFS ceiling could be raised to Rs65 billion from the current Rs55, which has already been touched since the last couple of last weeks.
A leading analyst Ahsan Mehanti said the increase in CFS funding is expected to give further boost to the current bull-run as local investors may have enough liquidity at their disposal to corner stocks of their choice.
“But the advent of strong foreign support on some bank and oil shares has, in the recent past, changed the entire share business outlook as everybody is lining up funds to chase the scrip under foreign fund squeeze,” he said adding “a sharp increase in SCRA to $719m will reinforce the investors perception of strong foreign support.”
Rising daily trading volumes, selective price flare-up, higher corporate profits signal that the best has yet to come despite the presence of more than one depressant on the political front, Ashraf Zakaria another analyst said.
Instances based on lower earnings, notably by the auto sector are, however, not wanting as was reflected by decline in their share values over the last couple of sessions after a sharp price flare-up.
Leading gainers were led by Rafhan Maize and Unilever Pakistan, up by Rs78.05 and 90 followed by National Refinery, IGI Insurance and Attock Petroleum, which rose by Rs14.90 and 19.45.
Losers were led by Arif Habib Securities, and Treet Corporation, off by Rs6.50 and 7.50 followed by ICI Pakistan, Gillette Pakistan, United Bank, and Central Insurance, off by Rs3 to 5.70.
Other good gainers included BOC Pakistan, Pakistan Oilfields, International Industries, EFU General, Mirpurkhas Sugar, Fazal Textiles, Mari Gas, Pakistan Refinery, Pakistan Cables, and Adamjee Insurance.
Trading volume rose to 343m shares from the previous 309m shares as gainers forced a strong lead over the losers at 199 to 109, with 41 shares holding on to the last levels.
D.G.Khan Cement led the list of actives, up Rs2.55 at Rs103.05 on 39m shares followed by Lucky Cement, higher by Rs1.25 at Rs106.80 on 25m shares, OGDC, firm by Rs1.45 on at Rs124.30 on 36m shares, Fauji Fertiliser Bin Qasim, lower 15 paisa at Rs36.25 on 22m shares and Pakistan Cement, steady by 10 paisa at Rs12.90 on 19m shares.
Nishat Mills followed them, up Rs3.80 on 16m shares, Fauji Cement, firm by 35 paisa on 15m shares, Askari Bank, up 60 paisa on 12m shares, Pakistan Oilfields, higher by Rs6.70 on 11m shares and WorldCall Telecom, steady by 20 paisa on 9m shares.
FORWARD COUNTER: OGDC led the list of actives on this counter and was quoted higher by Rs1.25 at Rs124.80 on 8m shares followed by Lucky Cement, firm by 95 paisa at Rs107.15 on 7m shares and D.G.Khan Cement, higher by Rs2.55 at Rs.103.45 also on 7m shares.
Nishat Mills followed them, up by Rs2.60 at Rs120.40 on 4m shares and Fauji Fertiliser Bin Qasim, steady by 15 paisa at Rs36.25 on 4m shares.
DEFAULTER COS: Nimir Chemicals led the list of actives on this counter, lower by 10 paisa at Rs3.60 on 0.649m shares followed by Unity Modaraba, unchanged at 55 paisa on 0.354m shares and Norrie Textiles, steady by 10 paisa at Rs2.80 on 0.272m shares.Zeal-Pak Cement followed them, up 10 paisa at Rs4 on 0.223m shares and S.S.Oils, higher by 60 paisa at Rs9.65 on 0.163m shares.
BONUS SHARES: Wazir Ali Industries, interim five per cent, Pak-Gulf Leasing, interim eight per cent, and Honda Atlas Cars, cash nil.
