KARACHI, March 9: The share market on Wednesday was back on the rails followed by active short-covering on the blue chip counters at the lower levels amid an actively traded session.
The KSE 100-share index confidently settled well above the resistant level of 12,000 points at 12,128.15, up 188.14 points or 1.58 per cent adding Rs47 billion to the market capital at Rs3,264bn.
Most of the leading base shares contributed in the market rally but most prominent were Pakistan Oilfields, National Bank, Nishat Mills, Fauji Fertiliser and some leading oil shares.
“I don’t call the snap rally a technical rebound linked to market’s oversold position or optimism associated with the return of sanity on the political front,” analyst Ahsan Mehanti said.
“It could well prove a trendsetter in the sessions to come on the perceptible change in the market psychology,” he added.
But analyst Hasnain Asghar Ali said investors seemed to be taking positions on the blue chip counters, which are still at lower levels, as the leverage facility will be in place by the next week.
Essentially, it was the day of the fertiliser sector, notably Engro Corporation and Fatima Fertiliser. The former came in for strong foreign and local support and was quoted higher by Rs10.94 at Rs237.19 on 6m shares.
Fatima Fertiliser gave a credible performance in term of turnover aided by report that its global depository receipts (GDRs) will be listed on the Wall Street for regular trading. It rose by 44 paisa at Rs12.35 after having moved either-way fractionally for the last couple of months on 8m shares.
Plus signs dominated the list under the lead of Rahan Maize and Unilever Pakistan, up by Rs65.20 and Rs47.04 followed by Pakistan Refinery, National Refinery, Fauji Fertiliser, MCB Bank, Sanofi-Aventis, Service Industries and Millat Tractors, up by Rs4.45 to Rs10.94.
Indus Dyeing and Exide Pakistan topped the losers, off by Rs10.53 and Rs3.41. Others fell fractionally barring Nestle Pakistan, Exide Pakistan and Tri-Pack Films, which were marked down by Rs2.63 to Rs3.41.
Traded volume rose to 100.411m shares from the previous 54m shares as gainers forced a strong lead over the losers at 198 to 87, with 96 shares holding onto the last levels.
The active list was topped by Fauji Fertiliser, steady by 95 paisa at Rs43.72 on 8m shares, Fatima Fertiliser, firm by 44 paisa at Rs12.35 also on 8m shares, Lotte Pakistan, up 24 paisa at Rs15.83 on 7m shares, Sui Southern Gas, firm by 30 paisa at Rs25.43 on 5m shares, National Bank, higher by 72 paisa at Rs79.55 on 4m shares and Fauji Fertiliser, higher by Rs6.18 at Rs132.35 on 4m shares.Other actives were led by Pervez Securities, steady by 33 paisa at Rs2.13 on 3m shares followed by JS & Co, up 37 paisa at Rs9.41 also on 3m shares and Nishat Mills, up Rs1.02 at Rs64.58 on 3m shares.
FUTURE CONTRACTS: Engro Corporation led the list of actives on the forward counter, up Rs9.29 at Rs197.73 on a large volume of 1.652m shares, followed by Fauji Fertiliser Bin Qasim, higher by Rs1.07 at Rs40.83 on 1.650m shares and National Bank, higher by 61 paisa at Rs58.79 on 0.653m shares and its March contract, higher by 76 paisa at Rs79.75 on 0.555m shares.
Pakistan Oilfields, higher by Rs3.48 at Rs321.66 on 0.488m shares.
DEFAULTER COMPANIES: Share values also rose fractionally on this counter in sympathy with the ready section under the lead of Unicap Modaraba, up by 18 paisa at Rs0.25 on 77,000 shares.
Other actives were led by Crescent Jute, unchanged at Re1 on 32,915 shares, Invest Bank also unchanged at Rs0.51 on 31,005 shares and Genertech Power, easy three paisa at Rs0.70 on 19,005 shares.
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