KARACHI - The local equity market closed bullish Tuesday with investors betting on a solid earnings season despite concerns over security situation in the city.

At the Karachi Stock Exchange, the benchmark KSE 100-share index posted fresh gain of 60.70 points to close at 14445.28 points as compared to 14384.58 points of the previous session.

Stock dealer Samar Iqbal said, “With the commencement of the result season, investors started taking positions in anticipation of healthy earnings and handsome payouts. Volumes rose to Rs.4 billion led by JSCL followed by DGKC and LOTPTA. Profit-taking was seen in Engro foods after its half yearly earnings announcement.”

KSE Allshare-index added 40.95 points or 0.40 percent to close the day at 10157.94 points, KSE 30-share index increased by 89.34 points or 0.72 percent to conclude the day’s trading at 12534.58 points while KMI 30-share index improved by 146.20 points or 0.59 percent to settle at 24918.45 points.

Ahsan Mehanti, stock analyst, observed, “Market closed bullish in the corporate results announcement session on strong earnings outlook. Activity remained thin as investors awaited Supreme Court reaction on NRO judgment implementation next week.”

Institutional support was witnessed in blue chip stocks in oil, banking and cement sector ahead of release of US Coalition Support Fund of $1.5b despite concerns over security situation in the city, he added. 

Stock market turnover rose to 105.343 million shares from 73.852 million shares of a day earlier and the value of traded shares climbed to Rs 4.017 billion from Rs 2.922 billion. Bourse capitalization settled at Rs 3.685 trillion as compared to Rs 3.671 trillion of the previous session.

Trading took place in 371 companies where gainers beat the losers by 166 to 106 while the values of 99 stocks did not change. UniLever Pak and Bata Pak Limited were the highest price gainers of the day, increased by Rs 34.52 to Rs 7156.00 and Rs 24.27 to Rs 674.39. Downhill trend were seen in Unilever Food and Colgate Palmolive, decreased by Rs 114.72 to Rs 2752.50 and Rs 59.70 to Rs 1135.30.

JS.Co was the volume leader of the day with 13.496 million shares added Re 0.53 to close at Rs 14.66. Dera Ghazi Khan Cement was on the second position with 12.813 million shares gained Re 0.28 to lock the day at Rs 44.92. It was followed by Lotte Pak PTA with 8.726 million shares higher by Re 0.39 to end at Rs 7.56, Engro Foods Limited with 8.036 million shares off by Rs 2.16 to conclude at Rs 67.66 and Lucky Cement with 4.071 million shares amplified by Rs 1.17 to stop the day at Rs 128.34.