KARACHI:
The stock market finally broke its two-day depressive mood after locals took charge and activity more than doubled on Wednesday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.36 per cent or 41.21 points to end at the 11,352.29 point level.
Overall volumes and trend remain dismal and confused as lack of retail and daily participation fails to provide depth to the market, said Elixir Securities equity dealer Sibtain Mustafa.
Trade volumes rose by 135% but still at dismal level of 46 million shares compared with Tuesday sluggish tally of 20 million shares. Volumes stood above 80 million shares in the same month last year.
Oil and Gas Development Company managed to close 0.3% higher on news flow regarding production flows from Nashpa-II field located in Khyber-Pakhtunkhwa.
Year-end is expected to close at or around current levels with few stocks gaining on window dressing, added Mustafa.
Hub Power Company (Hubco) traded 37% of total KSE-100 volumes with institutional activity picking ahead of year close possibly to take advantage of its dividend yield which stands at 16%.
Hubco was the volume leader with 13.8 million shares gaining Rs0.39 to finish at Rs34.5. It was followed by Fatima Fertilizer Company with 5.19 million shares declining Rs0.42 to close at Rs22.54 and Bank of Khyber with 3.36 million shares increasing Re1 to close at Rs5.4.
Foreign institutional investors were buyers of Rs8.87 million and sellers of Rs38.3 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 315 companies were traded on Wednesday. At the end of the day 104 stocks closed higher, 106 declined while 105 remained unchanged. The value of shares traded during the day was Rs1.52 billion.
Published in The Express Tribune, December 29th, 2011.
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