Analysts said concerns over US rating downgrade and fears of global economic recession failed to cast a negative impact on the market.
The Karachi Stock Exchange (KSE) 100-share index gained 29.08 points or 0.26 percent to close at 11,404.17 points as compared to 11,375.09 points of the previous session. The KSE 30-share index also gained 45.82 points to close at 10,815.22 points as compared with 11,769.40 points.
"A positive close was witnessed in a volatile session at KSE ahead of major earnings announcements this week," said Arif Habib Investments Ltd Director Ahsan Mehanti. "Fall in global stocks affected investor sentiment during wee hours of trade."
Strong institutional support in blue chips - oil and fertilizer sectors - played a catalyst role in the positive close at KSE despite concerns about US rating downgrade and fears of global economic recession. Concerns over law and order situation in the city and uncertainty over International Monetary Fund's disbursement of the next tranche for economic support affected the sentiments, he added.
The market turnover went down by 5.68 percent to 106.74 million shares after opening at 113.17 million shares. The overall market capitalisation rose 0.26 percent to Rs 3.015 trillion as against Rs 3.007 trillion. Gainers outnumbered losers 133 to 128, while 63 scrips were unchanged.
"In spite of sell-off in Asian markets, across-the-board buying spree at cheap prices helped the local bourse recover early loss of 300 points," said Topline Sec analyst Samar Iqbal. "Institutional buying was seen especially in fertlizer and bank stocks. Moreover, Attock group also remained in the limelight amid expectations of hefty payouts." The KMI 30-share gained 187.12 points to close at 2,0151.89 points from its opening at 19,964.77 points. The KSE all-share index closed with a gain of 21.11 points to 7,912.63 points as against 7,891.52 points.
"Massive selling on opening forced the benchmark into deep red, but short covering that came in as a follow-up allowed the benchmark to undergo technical recovery," said Aziz Fida Husein and Co analyst Husnein Asghar Ali. "Since the internal economic and financial matters continue to stay unresolved the technical recovery is unlikely to find sustainability."
He predicted that strength in the stocks trading at high multiples based on curtailed local strength can be looked for offloading by the corporate participants, while punters may even opt for short selling to stay hedged against long positions in some.
PTCL was the volume leader with 7.30 million shares with no change in its share value of Rs 10.57. Lotte Pakistan PTA traded 7.14 million shares as it closed at Rs 10.73 from its opening at Rs 10.69, gaining four paisas. NBP traded 7.14 million shares as it closed at Rs 46.31 as compared to its opening at Rs 46.76, shedding 45 paisas. Azgard Nine traded 6.31 million shares with no change in its share value of Rs 4.58. staff report
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