Market Watch: Fertiliser shares help KSE-100 recover 108 points

Turnover also improves to 50 million shares.

KARACHI:

The Karachi Stock Exchange’s (KSE) benchmark 100-share index recovered on Thursday and gained 0.96% or 108.68 points to close at 11,392.57 points compared to 11,283.89 a day earlier.

Stocks rose nearly one per cent as bargain hunters accumulated fertiliser shares at attractive prices, dealers said. Consequently, Fauji Bin Qasim ended 4.29% higher at Rs52.70, while Engro Corp rose 1.3% to Rs118.45. Furthermore, amongst the top five companies that reflected the highest turnover on the day, three were fertiliser companies.

However, dealers also said tense relations between Pakistan and the US were worrisome. Two senior Republican senators called on Monday for a thorough review of US relations with Pakistan, declaring that all security and economic aid to Islamabad must be reconsidered.

Turnover was much better on Thursday as it increased to 50.27 million shares compared with 37.87 million shares traded on Wednesday. Shares of 311 companies were traded during the second last session of the week.

At the end of the day, 121 stocks closed higher, 90 declined while 100 remained unchanged. Despite a better turnover, market capital during the day was just slightly higher at Rs2.96 billion compared to Rs2.94 billion a day earlier.

Jahangir Siddiqui Co was the volume leader with 6.37 million shares, losing Rs0.13 to finish at Rs5.12. It was followed by Fauji Fertiliser Bin Qasim with 4.4 million shares, gaining Rs1.91 to close at Rs52.44 and DGK Cement with 3.99 million shares, gaining Rs0.59 to close at Rs20.34.

Unilever Pak Ltd was the major gainer of the day as its share prices increased by Rs32.16 to close at Rs5445, followed by National Refinery which gained Rs12.09 to close at Rs254.15. Nestle Pakistan was the major loser of the day and lost Rs113.86 to close at Rs2452.55 followed by Colgate Palmolive which declined by Rs23.29 to end at Rs580.

Published in The Express Tribune, December 9th, 2011.