Market watch : Renewed buying lifts stock market

KSE-100 index gains 128 points.

Express March 29, 2011

KARACHI:

Bulls took over the stock market on Tuesday as local and foreign investors resumed buying of stocks.

The Karachi Stock Exchange 100-share index ended 1.11 per cent or 128.37 points higher at 11,711.40. Buying was led by the cement sector after the All Pakistan Cement Manufacturers Association (APCMA) requested Prime Minister Yousaf Raza Gilani to present its case in India which has imposed a ban on import of cement from Pakistan. A lifting of the ban will help improve production by local manufacturers which will bode well for their profitability, said JS Global Capital analyst Murtaza Jafar.

DG Khan Cement hit its upper price limit while Lucky Cement jumped 1.6 per cent as investors bet on an increase in sales and better margins going forward due to price hike.

Trading volume surged to 110.4 million shares against 79 million shares. Trading is expected to remain thin today (Wednesday) due to the Pakistan-India Cricket World Cup semi-final match, said an analyst.

Lotte Pakistan PTA was the volume leader with 18.85 million shares, gaining Rs0.17 to finish at Rs16.17. It was followed by Lucky Cement with 7.57 million shares, firming Rs1.03 to close at Rs65.89 and Fauji Fertiliser Bin Qasim with 7.46 million shares, gaining Rs0.24 to close at Rs41.49.

Engro Polymer, the biggest gainer of the day, rose to its upper limit of Rs1 to close at Rs13.2 while Media Times, the top loser, took a 4.9 per cent dip to close at Rs19.

Published in The Express Tribune, March 30^th, 2011.

COMMENTS (2)

Jameel ur Rasheed | 13 years ago | Reply Terrorism and target killing might have affected the whole country but atleast it has increased the immunity of stock market. I remember the day when Salman Taseer was killed, the market didn't even show slight signs of anything. Similarly the market runs irrespective of the number of total persons killed in Karachi target killings or any suicide bombs attack anywhere in country. Strange is this. Either we have made our sentiments rock solid or we have dropped them at all!

tariq | 13 years ago | Reply all markets are working according to there worth except ours because of some people only this is what i think isnt it ?

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