KARACHI, Feb 2: The KSE 100-share on Friday confidently breached through the barrier of 11,500 points and analysts predict the next target of 12,000 points now may not be an elusive goal as was reflected by a record volume figure. It ended with a fresh gain of 241.02 points or 2.12 per cent at 11,589.64.
The weekend session, which generally attracts a lot of profit selling, was as bullish as the bulls want it to be as they pushed share values of some of the pivotal around their upper locks.
Stocks, therefore, rose further higher on strong dividend related and speculative buying in the bank shares and market talk of foreign interest in MCB followed by fresh covering purchases in leading oil scrips.
The market’s bullish mood was also well-reflected in the volume figure, which soared to new high level of 438m shares amid brisk trading terribly unusual for a weekend session, which generally attracts selling from the weak holders and day traders.After having risen by about 2,000 points during the last month followed by sustained run-up aided by strong local and foreign buying, the KSE 100-share index was again quoted sharply higher at 11,589.64, up 241.02 points as some of the leading base shares came in for active support even at the higher levels. The market capital also swelled by Rs61.193bn at Rs3,157.615bn.
It finally finished at year’s high but analysts said its next target is 12,000 point level possibly during the current month.
The KSE 30-share index also maintained its upward drive and rose by 268.36 points or 1.87 per cent at 14,615.59 points.
Leading base shares, notably MCB, National Bank, Askari Bank, Bank of Punjab, OGDC, Pakistan Petroleum and some others were in the forefront of advancing blue chips.
The market has risen sharply higher during the last couple of sessions and needed correction, but bulls were not inclined to leave the arena even in the form of weekend profit-selling on the blue chip counters.
It was essentially fresh strong buying in a highly overbought market and has no relevance to any negative news both on the political and corporate fronts.
But some leading analysts warn investors to play safe as the market has already operating in a danger zone after last month’s sustained rise and a strong technical correction is overdue.
The near-term market outlook, therefore, appears to be bullish as a good bit of dividend-linked buying euphoria is yet to manifest itself in a bigger way.
Plus signs were strewn all over the list under the lead of Rafhan Maize, Fateh Textiles, Arif Habib Securities, and EFU Life, which rose by Rs11 to Rs45. Other notable gainers were led by Arif Habib Ltd, Bank of Punjab, Allied Bank, National Bank, Lakson Tobacco, OGDC, Pakistan Oilfields, Pakistan Petroleum, Abbott Lab, Ferozsons Lab and Grays of Cambridge, which posted gains ranging from Rs5 to Rs7.60.
Prominent losers included Dawood Hercules, Mitchell’s Fruits, Pakistan Cables, Wyeth Pakistan, Clariant Pakistan and Unilever Pakistan, off Rs3.95 to 50.
Trading volume rose to 438.004m shares as compared to previous390m shares as gainers held a strong lead over the losers at 165 to 97, with 54 shares holding on to the last levels.
The most active list was topped by OGDC, higher by Rs5.05 at Rs131.30 on 79m shares followed by Bank of Punjab, up Rs5.10 at Rs124.20n on 49m shares, Pakistan Petroleum, higher by Rs6.90 at Rs271 on 39m shares, Fauji Fertiliser Bin Qasim, firm by Rs1.60 at Rs34 on 38m shares, National Bank, higher by Rs7.55 at Rs292.45 on 27m shares, PTCL, firm by 65 paisa at Rs54.75 on 23m shares and Faysal Bank, higher by Rs2.70 at Rs70.05 on 19m shares.
Pakistan Oilfields followed them, higher by Rs6.60 at Rs362.50 on 17m shares, Bank Alfalah, up Rs1.50 at Rs49.25 on 16m shares and MCB, higher by Rs4.40 at Rs309.90 on 14m shares.
FORWARD COUNTER: OGDC was also actively traded on this counter on strong speculative support and rose by Rs5.55 at Rs132.40 on 15m shares followed by Bank of Punjab, higher buy Rs5.10 at Rs124.50 on 10m shares and Pakistan Petroleum, up Rs6.50 at Rs272 on 9m shares.
Other actives were led by National Bank, up higher by Rs7.30 at Rs294 on 9m shares and MCB, up Rs4.90 at Rs311 on 7m shares.
DEFAULTER COS: Active trading was witnessed on this counter where fresh deals were finalised mostly at the previous levels under the lead of Crescent Standard Bank, unchanged at Rs4.35 on 0.464m shares followed by Zeal-Pak Cement, also unchanged at Rs4.25 on 0.376m shares.
Unity Modaraba was quoted higher by five paisa at 70 paisa on 0.289m shares, while Nimir Chemical was held unchanged at Rs3.15 on 0.232m shares.