karachi
Karachi market Wednesday closed at yet another historic high with rising volumes and the index gains 208 points. The market witnessed a bullish momentum to close at 34,330 levels, up by 0.6pc.
Fertilizer sector rallied as FFC moved north due to investor’s expectations of better earnings and bonus. In Oil & Gas sector, Hascol witnessed euphoric growth hitting its upper circuit due to the expectation of better EPS in the upcoming result. In auto sector, Hino hit its upper circuit as it announced a tremendous quarterly result EPS of Rs28.67 versus Rs19.16 in the last quarter.
Cement sector witnessed profit-taking as MLCF, FCCL and FECTC were down by 1.0pc, 0.9pc and 3.1pc respectively. Banking sector witnessed a mixed sentiment as investors remained cautious due to the upcoming monetary policy. Investors should target Cement sector as the cut in discount rate will be beneficial to highly leveraged companies, stated analyst Arhum Ghous at JS Global.
Investors’ enthusiasm in expectation of cut in benchmark policy rate and better December quarter earnings helped index gained. Volumes kept on increasing amid renewed interest in blue chip stocks as 33pc of value traded in FFC, PSO, Engro, and DGKC.  FC witnessed renewed interest with healthy volumes, observed Samar Iqbal.
Expected resolution to recent fuel shortage issues likely to benefit second tier OMCs and oil refineries owing to local demand, speculations ahead of new auto policy 2014-9, reports for rising urea dispatches by FFC and its higher expected dividend income from subsidiaries played a catalyst role in positive activity at KSE, said analyst Ahsan Mehanti.
Volumes increased by 13pc to 355m shares, value of $219m (value PKR21.9b) was last seen in June 2008. Of total 400 active companies, 180 settled in up, 198 down while 22 went unchanged. Jah. Sidd. Co led the market with 29.75m shares and price per share Rs18.95, followed by Fauji Fertilizer with 18.18m shares and price per share Rs131.95, K-Electric with 16.58m shares and price per share Rs9.90, TRG Pak with 14.01m shares and price per share Rs15.47 and Fauji Fertilizer Bin Qasim with 12.53m share and price per share Rs49.48.
Indus Motor with per share price Rs977.77 (+46.56) and Exide Pak with per share price Rs1955.20 (+45.20) were among the top gainers in the market.
Whereas Nestle Pak with per share price Rs10300.00 (-200.00) and Colgate Palmolive with per share price Rs1995.00 (-105.00) were among the loser in market.