KARACHI:
Equities rallied to close above the 12,400-point level on Thursday as a buying spree was witnessed in index heavyweights right after the trading bell got trading underway.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.76 per cent or 93.20 points to end at the 12,404.24 point level.
Excellent payout by Engro Corporation lifted the market which saw a turnover of more than 200 million shares, said Topline Securities equity dealer Samar Iqbal.
It was a volatile trading day for the local conglomerate’s stock as mid-day rumours about a rights issue compelled market participants to stick to the sidelines, however, stock dividend of 30% and Rs2 per share final cash payout along with earnings that grew by 17% to earnings per share of Rs20.27 changed the setting entirely. Consequently, the script rose to its upper limit of 5% to close at Rs127.85 with 5.3 million shares changing hands.
Trade volumes gained 20% to an astounding 206 million shares compared with Tuesday’s tally of 172 million shares.
Oil and Gas Development Company grew 2% amid healthy volumes on reports of foreign interest while Lucky Cement jumped 3.77% on local interest.
Foreign institutional investors were buyers of Rs230 million and sellers of Rs409 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
With corporate result seasons in full swing, market activity is expected to remain healthy, added Iqbal.
Fauji Cement was the volume leader with 22.91 million shares gaining Rs0.36 to finish at Rs4.98. It was followed by Jahangir Siddiqui and Company with 20.85 million shares declining Re0.10 to close at Rs9.17 and Bank Alfalah with 15.76 million shares increasing Rs0.12 to close at Rs12.95.
Shares of 335 companies were traded on Thursday. At the end of the day 149 stocks closed higher, 115 declined while 71 remained unchanged. The value of shares traded during the day was Rs4.72 billion.
Published in The Express Tribune, February 17th, 2012.
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