KARACHI: Traded volume on the stock market on Tuesday soared to 22-month high of 323m shares as investors played on both sides of the fence on small margins of profits under the lead of cement sector followed by reports of higher earnings.
The benchmark KSE 100-index was quoted further higher by 26.55 points at 12,544.45 as compared to 12,517.90 points a day earlier, indicating that it may be heading to its next chart target of 13,000 not just in one go but through creeping rallies.
Analysts said the higher volume of 323m shares just at the heels of a record price changes in 445 listed companies a day earlier, however, did not reflect any major breakthrough but were the outcome of alternate bouts of buying and selling.
A turnover of about 90m shares in three under-valued shares JS & Co, Azgard Nine and Fauji Cement suggested that investors had moved out of high-risk areas to the low-risked ones, they said.
The real breakthrough would come after the investor interest shifted to high profile shares which could significantly push up the index.
Some leading analysts said the sustained rise witnessed during the last about three weeks which lifted the benchmark index above 12,000-level from the 11,000 indicated that investors were seeking a safe haven at a sustainable level.
Plus signs again dominated the list under the lead of Unilever Pakistan and Colgate Pakistan, up by Rs100 and Rs34.70, while losers were led by Siemens Pakistan and Nestle Pakistan, off Rs40.43 and Rs18.13. Traded volume soared to record level of 322.473m shares as gainers outpaced losers by 166 to 101 with 76 shares held onto previous levels.
The actives’ list was again led by JS & Co, lower 15 paisa at Rs10.24 on 43m shares followed by Azgard Nine, steady by four paisa at Rs4.71 on 25m shares, Fauji Cement, firm by 17 paisa at Rs4.28 on 23m shares, D.G. Khan Cement, up 26 paisa at Rs26.59 on 21m shares, TRG Pakistan, higher 44 paisa at Rs2.74 on 6m shares, Lafarge Pakistan, firm by 16 paisa at Rs2.44 on 14m shares and JS Bank, up by 40 paisa at Rs4.07 on 13m shares.
They were followed by Bank Al-Habib, easy by 14 paisa at Rs13.45 on 12m shares, Fatima Fertiliser, up 28 paisa at Rs23.97 on 10m shares and Bank of Punjab, up Re1 at Rs9.10 also on 10m shares.
FUTURE CONTRACTS: The active list was led by both the settlements of D.G. Khan Cement, higher by Rs1.26 and Rs1.28 at Rs26.65 and Rs26.92 on large volumes of 3.283m and 1.701m shares, respectively. National Bank rose by 43 paisa at Rs49.43 on 1.639m shares.
Both the contracts of Engro Corporation were quoted higher by 72 and 81 paisa at Rs132.49 and Rs102.04 respectively on 1.318 and 1.260m shares.
DEFAULTER COMPANIES: Dost Steels again led the list of actives, lower by 11 paisa at Rs2.21 on 0.261m shares followed by Kohinoor Industries, steady by three paisa at Rs1.07 on 34,190 shares and Genertech Power, steady by seven paisa at Rs0.55 on 48,994 shares.