Stock market extends rally, gains 20 points

KARACHI - Positive activity witnessed for the second consecutive day where KSE 100-index added 20 points to close at 7802 points on Wednesday as market awaited the decision on introduction of future deliverable contracts. Market is about to reach the nervous 90s as index has already breached 7,800 points level with considerably good volumes. Benchmark index is about to breach the current year highest level of 7,900 (Recorded on April 20, 2009). Index was hovering around the 8,000 mark in December 2008 after the index freeze was lifted. Traders hoped the index may swiftly cross the 8,000 mark without much resistance but resistance is more or less justified, stated Bilal Asif of HMFS. Whenever the index gained valuable points, the index witnessed selling pressure as profit-taking takes place on regular intervals. The investors feel quite insecure, especially after last years bearish spell. We need to be fearful at all time rather showing our greediness. The investors who take abnormal risk have been awarded with abnormal returns. Risk is all about your own perception, how you perceive it and how much you can carry it to your home, expressed market expert Shahid Ali. The KSE 100-index opened in the green zone on Wednesday, adding 19.24 points and the local bourse remained in the positive till the end of the day. After witnessing intraday high of 7,872 points, index closed at 7,802.81 points with a nominal gain of 20.58 points. Trading activity was much healthier as compared to the last trading session. The ready market volume inched up to 213.918 million shares as compared to last trading sessions 146.153 million shares. Total trading value of the stock market increased to Rs9.895b against Rs6.155b of last session. Market capitalisation stood over Rs 2.297tr on Wednesday against last sessions Rs 2.291tr on Tuesday. Out of 421 active symbols at the stock exchange, 200 gained value, at least 202 lost and the worth of the shares of only 18 cos remained unchanged. OGDC turned out to be among the most valuable stocks especially when it can turn the fortune of the index. Over the last few days cement twins become a regular part of the top ten volume leader board. DGKC gained more as compared with the Lucky in terms of returns. From April 1, 2009 DGKC gained 64.1 per cent until now, while Lucky gained 35.1 per cent. FFBL turned bearish after the 1HFY09 results. DGKC was crowned as the volume leader of the day with a healthy turnover of 19.714 million shares, followed by JSCL with 17.851m shares, OGDC 15.872m shares, Lucky Cement 12.191m shares, UBL 11.450m shares, Bank Al-Falah 10.625m shares, AHSL 10.189m shares, FFBL 9.572m shares, WorldCall 7.018m shares, Adamjee Insurance 6.413m shares, PTCL 6.015m shares namely. Top gainers at the KSE include Siemens Pak Engineering, up by Rs21/share to close at Rs988 with a small turnover of only 22 shares, Nestle Pak added Rs19.07/share and its value was improved to Rs1,000, Treet Corporation up by Rs12.07/share to close at Rs312.96, Pak Services added Rs7.62/share and closed at Rs181.62, Exide Pak added Rs7.13/share, closing at Rs152, Rafhan Maize up by Rs6.25/share. On the other side, Unilever Foods lost Rs54/share to close at Rs1,301 with the trading of only 4 shares, Unilever Pak down by Rs42/share and its total value was decreased to Rs2,010, Fazal Textile lost Rs16.25/share and closed at Rs308.75, Wyeth Pak down by Rs14.24/share, closing at Rs1,250.50, Sitara Chemical down by RsRs5.75/share to close at Rs152.25, Javedan Cement lost Rs5.54/share and closed at Rs106.52.

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