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KSE index edges up, volumes soar to two-year high

09 March, 2012

KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index increased by 26 points with volumes surging to a two-year high of 358 million shares as fresh foreign buying helped the market to maintain its positive momentum, said dealers on Thursday.

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KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index increased by 26 points with volumes surging to a two-year high of 358 million shares as fresh foreign buying helped the market to maintain its positive momentum, said dealers on Thursday.

“Foreign buying worth over three million dollars on Wednesday surprised the market,” said Ahsan Mehanti, an analyst at Arif Habib Corporation, adding foreigners poured in another over one million dollars in Thursday's session too.

Samar Iqbal, an equity dealer at Topline Securities, said that major activity in low-priced stocks helped the market to stay in positive territory. “Volumes at KSE touched a two-year high of more than 350 million shares due to retail investors' interest in small stocks, especially in the cement sector.”

The benchmark index increased by 26.44 points, or 0.20 percent, to 13,271.39. The index maintained its upward momentum throughout the session; and at a point of trading, it had surged by 119.71 points to 13,364.66.

The KSE 30-share index, however, fell by 49.87 points, or 0.41 percent, to 12,072.52. The index declined due to selling pressure seen in energy stocks. Energy stocks carry heavy weight in the index.

Dealers said that the market attracted across-the-board buying. Major buying was seen in cement, banking and fertiliser stocks. But energy stocks witnessed some profit taking.

Stocks strengthened the 100-share index included DG Khan Cement, Lucky Cement, Attock Cement, National Bank of Pakistan, Habib Bank Limited, NIB Bank, Faysal Bank, Fatima Fertilizer, Silkbank, Engro Corporation, Dawood Hercules, Pakistan State Oil, Pakistan Oilfields, Arif Habib Corporation and Jahangir Siddiqui and Company.

On the contrary, Oil and Gas Development Company Ltd. and Pakistan Petroleum Ltd. invited significant profit taking and drove the 100-share index down by 39 points, cumulatively.

Mehanti said that active participation from retail and institutional investors pushed the market up ahead of implementation of reformed capital gains tax regime.

Moreover, restoration of gas supply to fertiliser manufacturers on Sui Northern Gas Pipeline Limited invited fresh interest in relevant stocks.

Volumes surged by 13 percent to 358.177 million shares from 318.60 million shares traded in the previous session. Volumes in futures market, however, fell to 12.95 million shares from 15.37 million shares traded a day earlier.

The market capitalisation improved by Rs8 billion to Rs3,448 billion. Out of total 391 companies' stocks traded, 227 advanced, 87 declined, while 77 closed unchanged.

Fauji Cement was the volume leader with 44.36 million turnover. It closed at Rs5.49 with an increase of 47 paisas. It was followed by Lafarge Pakistan with 33.36 million shares turnover. It closed at Rs3.36 with a gain of 57 paisas.

End.


 
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