KARACHI: Volumes jumped to a 22-month high as investors participation rose on a flurry of banking sectors results on Tuesday in a volatile session.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.21 per cent or 26.55 points to end at the 12,544.45 point level.
Cement companies led the rally with DG Khan Cement which rose to its upper limit of 5% with more than 20 million shares exchanging hands, said Topline Securities Equity Dealer Samar Iqbal. The cement sector’s profits doubling in the first six month of 2012, made investors forecast a repeat performance in the second half. Lucky Cement followed suit and jumped 3% to close at Rs93.76.
Amongst banks, MCB Bank slipped 3.4% after announcing a below expectation annual earnings per share (EPS) of Rs23.23, while UBL gained 1.5% after its 2011 EPS stood at Rs12.66 which was above market expectation.
Meanwhile, Bank of Punjab closed 12.35% higher at Rs9.10 while National Bank of Pakistan rose 1.17% to end at Rs49.43.
Trade volumes rocketed to an astounding 322 million shares compared with Monday’s tally of 233 million shares.
Pakistan State Oil advanced 1.7% over news that the government has signed a debt swap deal with banks which will reduce its receivables.
Foreign institutional investors were net buyers of Rs76 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 343 companies were traded on Tuesday. At the end of the day 166 stocks closed higher, 101 declined while 76 remained unchanged. The value of shares traded during the day was Rs6.68 billion.
Jahangir Siddiqui and Company was the volume leader with 42.9 million shares declining Rs0.15 to finish at Rs10.24. It was followed by Azgard Nine with 25.1 million shares gaining Rs0.04 to close at Rs7.71 and Fauji Cement with 23.0 million shares firming Rs0.17 to close at Rs4.28.
Published in The Express Tribune, February 22nd, 2012.
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