KARACHI, Sept 12: Stocks on Wednesday staged a broad rally on active short-covering at the lower levels aided largely by higher corporate announcements and a relative calm on the political front. The KSE 100-share index made a decisive breakthrough above the 12,700 level up by 222 points at 12,784.
Political uncertainty is still there but its intensity seems to have been blunted after the deportation of Nawaz Sharif from the arena, said a broker, adding that investors tried to make quick gains at the dips.
The KSE 100-share index rose by 221.66 points or 1.76 per cent at 12,784 as leading base shares notably OGDC, National Bank, Attock Refinery and Bank Alfalah, which showed smart rallies. The market capital soared by Rs56bn to Rs3,746bn.
The free float 30-share index also rose by 250.11 points at 15,583.67 points as leading base shares remained in active support throughout the session.
“It was dividend-related rally long overdue but delayed by the external factors,” said Ashraf Zakaria. “Investors were awaiting some positive news that came in the form of higher cash dividend and bonus shares coupled with attractively lower levels”.
However, some of them were still jittery owing to political uncertainty but were not inclined to miss the rising market and rode the bandwagon, he added.
But Ahsan Mehanti was of the view that the exit of former prime minister from the political arena for the time being seemed to have provided the much-needed breathing space to the investors and they seized the moment.
Leading gainers were led by Unilever Pakistan and Nestle Pakistan, up by Rs50 and Rs75, followed by Arif Habib Ltd, Javed Omer, EFU General, New Jubilee Insurance, Attock Refinery, National Refinery, Attock Petroleum, Indus Motors, Pak-Suzuki Motors, Sitara Chemical, Bata Pakistan, Noon Pakistan, National Foods and Pakistan Services, up by Rs7.75 to Rs25.
Pakistan Engineering and Siemens Pakistan were top losers, fell by Rs11.85 and Rs23. Others notable losers included Ferozson Lab and Shezan International, off by Rs9.90 to Rs11.40.
Trading volume rose to 253m shares from the previous 214m shares as gainers held a strong lead over the losers at 227 to 87, with 41 shares holding on to the last levels.
OGDC topped the list of most actives, up by Rs2.70 at Rs114.40 on 30m shares followed by TRG Pakistan, firm by 50 paisa at Rs14.95 on 25m shares, Bosicor Pakistan, steady 70 paisa at Rs18.90 on 18m shares and Lucky Cement, up by Rs2.50 at Rs129.20 on 11m shares
Attock Refinery, sharply higher by Rs8.60 at Rs180.60 on 11m shares, Bank Alfalah, higher by 50 paisa at Rs48.45 on 7m shares and National Bank, higher by Rs4.15 at Rs237.50 also on 7m shares.
Other actives were led by Fauji Fertiliser Bin Qasim, higher by Rs1.80 on 17m shares followed by Arif Habib Securities, up by Rs6 on 13m shares and Telecard, firm by 75 paisa also on 13m shares.
FORWARD COUNTER: Lucky Cement led the list of actives, higher by Rs3.35 at Rs128.75 on 7m shares followed by OGDC, up by Rs2.75 at Rs111.50 also on 7m shares and Fauji Fertiliser Bin Qasim, higher by Rs1.85 at Rs42.95 on 6m shares.
D.G. Khan Cement followed them, up by Re1 at Rs107.25 on 4m shares and National Bank, higher by Rs3.90 at Rs238.25 also on 4m shares.
DEFAULTER COMPANIES: Nimir Chemicals led the list of actives, steady by 10 paisa at Rs4 on 1.896m shares followed by Zeal Pak Cement, up 10 paisa at Rs5.20 on 0.617m shares AND Norrie Textiles, higher, steady five paisa at Rs1.80 on 0.450m shares.
Other actives were led by Unity Modaraba, firm by 10 paisa at Rs0.75 on 0.505m shares, Pangrio Sugar, higher by Re1 at Rs6.45 on 0.389m shares and Zahoor Textiles, off Re1 at Rs2.75 on 0.138m shares.
DIVIDEND: Attock Cement, cash 45 per cent, Suraj Cotton, cash 30 per cent, Pakistan Oilfields, cash 150 per cent, Zulfiqar Industries, cash 30 per cent, bonus 10 per cent, Shams Textiles, cash 25 per cent, Island Textiles, cash 25 per cent, Siddiqsons Tin Plate, cash 15 per cent, Salfi Textiles, cash 10 per cent and Altern Energy, nil.