KARACHI, Dec 29: The Karachi Stock market witnessed a bull run on Monday with the Index climbing 65.98 points to close at 4,459.02 on improved turnover.

Most market pundits were expecting stocks to rise on Monday on the back of the news on Sunday evening that the National Assembly had adopted Article 58(2)b of the Constitution, paving way for passage of 17th Constitutional Amendment Bill. It was regarded as the continuation of an improved local political climate witnessed last week.

The market also took stock of the positive news that the Kashmir militants could call ceasefire in the valley for two months to facilitate Pakistan-India in the talks during the Saarc summit next week. But to dilute the impact was the pronouncement by Prime Minister Jamali that there was no shift on Kashmir policy.

Though dull in the week-end session, the Karachi stock market had managed to cross the barrier of 4,400 points at one point last week and finally close at 4,393.04.

The firm trend that prevailed in the market on Monday was also on account of the privatization of shares in Habib Bank Limited. That the second largest bank in Pakistan had been acquired by Qatar Investment Fund and the Aga Khan Fund was looked upon with interest. But some market players took the transaction to reflect that the privatization process was being taken up by the government in right earnest. Investors thought that some of the lingering mega privatization plays, might now come under hammer. The rise in stock values reflected the strength of leading base shares. Some of the bullish stock players were eying the index level to rise to 5,000 by early next year. But of immediate interest for many was the decision by the board on the rule of the additional deposit on COT trade.

But if the KSE board sticks to the new rules, the market may suffer stray.

Among the prominent gaining scrips, were included Nestle Milk Pak which rose by Rs23.80 to close at Rs342. Arif Habib Securities gained Rs16.90 to Rs283.90. Other stocks which saw considerable rise included PSO, up by Rs7.80 to end at Rs287.85 with trading in 20.2 million shares. Pakistan Oilfield, which rose by Rs4.75 to end at Rs237.90 on volume of 14.7 million shares. ICP S.E.M.F was steady by Rs1.70 to Rs47.95 on 8.6 million shares.

PTCL ‘A’ increased by Re1 to Rs37 on 51.4 million; D.G.Khan Cement was up by 25 paisa to Rs45.60 on 8.6 million shares and Sui Northern rose 85 paisa to close at Rs41.50. Other steady shares for the day included Faysal Bank; Bolan Bank; Gatron Industries; Noon Sugar; Sitara Chemical; Golden Arrow; 8th ICP; Punjab Modaraba; and Orix Leasing.

Losers during the day were led by Unilever Pakistan, which slipped by Rs20 to close at Rs1,440 and Parke Davis shed Rs5 to end at Rs890. Other stock that lost ground included Sui Southern down by Rs1.10 to Rs28.35 on 17.8 million shares. Easy issues for the day were also Shakarganj Mills; Pakistan Services; First National Modaraba; 3rd ICP; and NDLC-IFIC Bank.

Volume of business increased to 220.7 million shares, compared with 190.2 million shares traded on Friday. Gaining issues which totalled 188 were almost twice the losing issues at 95. Another 55 scrips remained unchanged.

Market capitalization increased to Rs948 billion, from Rs935 billion last Friday.

FORWARD COUNTER: Turnover on the forward counter decreased to 88 million shares, from 118 million shares on Friday. OGDCL was the volume leader with 70 million shares, dropping by Rs1.50 to Rs51.70. PTCL ‘A’ was up by Rs1.10 to Rs37.25 on 4.9 million shares. PSO gained Rs6.25 to close at Rs290 on 4.7 million shares.