KARACHI, May 24: After several abortive attempts, the KSE 100-share index on Thursday broke through the barrier of 12,500 points on heavy short-covering in the leading base shares aided by postponement of proposed three-day strike by Pakhtoon Action Committee.
The extended rally was broad-based and partly aided by pent-up foreign buying and covered leading shares almost on all the counters, although the extent of price flare-up varied from share to share.
The index finally ended with a fresh sharp rise of 167.24 points or 1.34 per cent at 12,663.41 as compared to previous 12,496.17 points as leading base shares further rose under the lead of OGDC, Bank of Punjab and Bank Alfalah, adding Rs52 billion to the market capital at Rs3,694bn.
The KSE 30-share index on the other rose by 280.35 points at 15,864.49 as its base share maintained their upward drive.
MCB, which holds largest weightage in it, finished around its upper-lock, up by Rs11.05 at Rs333.55, its career best level so far on 11m shares.
“It could take a technical breather after having hit its next target of 13,000 points,” analysts predict, adding “the talk of 14,000-level now appears quite relevant”.
Plus signs dominated the list under the lead of Colgate Pakistan and Siemens Pakistan, up by Rs17 and Rs81.90, followed by JS & Co, JS Global, MCB Bank, Pakistan Resource Co, Fazal Textiles, Mari Gas, Pakistan Engineering, Al-Ghazi Tractors, HinoPak and Millat Tractors, which posted fresh gains ranging from Rs7.60 to Rs16.15.
Losses on the other hand were mostly fractional in the absence of selling barring Pakistan Hotels, Arif Habib Securities, Pakistan Tobcco, Sanofi-Aventis and Gillette Pakistan, which were quoted lower by Rs2 to Rs3.65.
Trading volume showed a sharp increase at 333m shares as compared to 223m shares a day earlier as gainers held a strong lead over the losers at 307 to 69, with 30 shares holding on to the last levels.
Bank of Punjab topped the list of actives, sharply higher by Rs5.35 at Rs112.35 on 28m shares followed by OGDC, steady 35 paisa at Rs121.20 on 18m shares, Lucky Cement, up by Rs3.15 at Rs104 on 17m shares and PICIC, firm by Rs3.50 at Rs74 on 16m shares.
WorldCall Telecom, firm by Re1 at Rs16.90 on 15m shares, D.G. Khan Cement, up by Rs2.25 at Rs99.60 on 14m shares and Bank Alfalah, higher by 75 paisa at Rs57.45 on 14m shares.
Other actives were led by Askari Bank, up by Rs2.65 on 13m shares, Fauji Fertiliser Bin Qasim, steady by 30 paisa on 12m shares and MCB, higher by Rs11.05 on 11m shares.
FORWARD COUNTER: Pioneer Cement led the list of actives on this counter, steady by 15 paisa at Rs27.65 on 7m shares, while its June contact rose by 20 paisa at Rs27.90 also on 6m shares followed by Bank of Punjab, higher by Rs5.38 at Rs113.13 on 4m shares.
Both the May and the June settlements of Bank Alfalah were quoted higher by 75 and Rs1.14 at Rs57.50 and Rs58.20, respectively, on 4m shares each.
DEFAULTER COS: Active trading was witnessed on this counter where several shares came in for active support under the lead of Nimir Chemicals, firm by 10 paisa at Rs3.30 on 0.342m shares followed by Unity Modaraba, unchanged at 50 paisa on 0.301m shares and Quice Foods, higher by 25 paisa at Rs5.50.
Sardar Chemicals followed them, up by 70 paisa at Rs3.70 on 0.253m shares, Japan Power, steady by 20 paisa at Rs4.25 on 0.144m shares and Zeal-Pak Cement, easy five paisa at Rs4.80 on 0.116m shares.
