The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.82 per cent or 94.45 points to end at 11,625.69 point level.
News that US lawmakers are seeking to cut all aid to Pakistan did not surpass the Karachi Stock Exchange walls, said JS Global Capital analyst Jawad Khan.
Even talks of foreign offloading did not wary investors as foreign institutional investors were net sellers of Rs259 million worth of shares during the trading session.
Trade volumes gained to 87.4 million shares compared with Tuesday’s tally of 71.5 million shares. The day belonged to the fertiliser sector after impressive sale numbers for August, added Khan. Fauji Fertiliser Company and Engro’s stock price jumped 2.3% & 3.3%, respectively, during the trading session.
Fauji Fertiliser Bin Qasim Limited, Engro and Fatima Fertiliser were amongst the actively traded shares as investors expect better dividend payout from these companies in the next result announcement session.
Amongst oil stocks, Attock Petroleum remained highly sought on fresh buying from local institutions. This scrip reached its upper circuit breaker during intra-day.
Shares of 359 companies were traded on Wednesday. At the end of the day 154 stocks closed higher, 106 declined while 99 remained unchanged. The value of shares traded during the day was Rs4.8 billion.
Fatima Fertiliser was the volume leader with 11.53 million shares gaining Rs0.86 to finish at Rs18.65. It was followed by Bank Alfalah with 8.12 million shares firming Rs0.4 to close at Rs11.02 and Fauji Fertiliser Bin Qasim with 6.25 million shares increasing Rs0.76 to close at Rs57.72.
Published in The Express Tribune, September 29th, 2011.
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