Karachi - Stocks remained upbeat after global stocks and commodities retreated. Trade remained mainly in second and third tier stocks on strong valuations.
At local equity market, the benchmark KSE 100-share index added 111.06 points or 0.42 per cent to end the session at 26862.51 points as compared to 26751.45 points of the previous day. Ahsan Mehanti, analyst at Arif Habib Corp, said speculations ahead of major earning announcements, renewed foreign interest in banking and fertilizer stocks and favorable CPI Inflation data for Jan’13 played a catalyst role in bullish sentiments at KSE despite conflicting reports on ongoing peace process with TTP. KSE allshare-index went up by 11.32 points or 0.06 per cent to conclude the session at 20049.04 points, KSE 30-index grew by 52.77 points or 0.27 percent to conclude the session at 19371.78 points while KMI 30-share index increased by 140.49 points or 0.32 per cent to conclude the session at 44399.13 points. Market traded 254.210 million shares after opening at 300.156m shares and the value of traded shares reduced to Rs 8.110 billion from Rs 8.689 billion. Capitalization of the market settled at Rs 6.537 trillion as compared to Rs 6.539 trillion of a day earlier. Trading took place in 404 companies where gainers beat the losers by 202 to 180 while the values of 22 stocks remained intact.
Nestle Pak was the biggest price loser of the day, decreased by Rs 563.16 to Rs 10700.04, followed by MithchellsFruitXDXB, off by Rs 36.38 to Rs 693.62. Bata (Pak) and Colgate Palmolive were the top price gainers of the day, up by Rs 72.99 to Rs 3189 and Rs 42.50 to Rs 1690. Equity expert at Topline Securities said in line with global markets, recovery was seen at local bourse as well. Participation remained slightly dull and daily volumes declined by 7% to Rs8.1b. Pre-dividend rally was seen in FCCL. The scrip gained Rs0.13 with trade of 18.8m shares. Moreover, due to decline in coal prices cement scrips remained high on investors’ radar. JSCL remained the volume leader with 34.446m shares traded and closed on its upper circuit while Bank of Punjab (R) was on the second position with 22.618m shares, up by Re 0.16 to Rs 2.91. It was followed by Azgard Nine with 11.153m shares, marginally up by 0.03 to Rs 9.59, Fauji Cement with 10.848m shares, up by Rs 0.02 to Rs 16.68 Re and Byco Petroleum with 10.004m shares of by Re 0.29 to Rs 10.46.