Market watch : Bourse climbs ahead of corporate result season

Trade volumes rise to five-week high.

KARACHI:

The stock market rose on Tuesday in an active session as investors got into the act ahead of the corporate results season.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 1.02 per cent or 125.3 points to end at 12,443.54 point level.

The stock market performed better after Sindh Governor Ishratul Ebad rejoined his office as investors believe that the situation in the country’s financial hub will improve, said Topline Securities equity dealer Samar Iqbal.

Pakistan Oilfields led the exploration and production sector and closed up 1.6% over expectations of hefty cash and stock dividend in the result announcement. Oil and Gas Development Company also remained in the limelight gaining 2% followed by Pakistan Petroleum jumping 1%.

Trade volumes rose to a five-week high of 88 million shares compared with Monday’s tally of 57 million shares.

Refineries witnessed mixed fortunes with National Refinery slipping 2.1 per cent over fears of damage to its installations after a naval drone crashed in the refinery, said analysts. Attock Refinery ended the day at its upper circuit over market rumours of foreign funds buying.

Foreign institutional investors were gross buyers of Rs470 million and gross sellers of Rs877 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.

Among the textile companies, Nishat Mills closed at its upper circuit after remaining out of favour for recent weeks as the composite sector of the company remained less sensitive to cotton price movements.

Shares of 347 companies were traded on Tuesday. At the end of the day 146 stocks closed higher, 100 declined while 101 remained unchanged. The value of shares traded during the day was Rs5.3 billion.

Pakistan Telecommunication Company Limited was the volume leader with 11.4 million shares gaining Rs0.22 to finish at Rs13.04. It was followed by Fatima Fertiliser Company with 9.6 million shares firming Rs0.27 to close at Rs17.09 and National Bank of Pakistan with 5.63 shares increasing Rs1.68 to close at Rs54.36.

Published in The Express Tribune, July 20^th, 2011.