KARACHI:
The stock market jumped 139 points on Wednesday as news that Iran has offered to provide crude oil to Pakistan on deferred payments rose investor sentiments.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 1.09 per cent or 138.66 points to end at the 12,877.88 point level.
Iran on Monday offered to export 80,000 barrels of oil per day to Pakistan on three-month deferred payments and provide $250 million financing for laying infrastructure of the Iran-Pakistan gas pipeline project.
Trade volumes fell to 206 million shares compared with Tuesday’s tally of 218 million shares.
Fertilizer stocks were seen active on the back of expected resumption of gas to Engro’s new plant, said JS Global Capital analyst Mujtaba Barakzai. Futures trading in Fauji Fertilizer Company and Engro Corporation were also seen with a lot of interest, added Barakzai.
Foreign institutional investors were net buyers of Rs78 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Attock Refinery gained Rs1.53 to close at Rs129.12 on the back of earlier announced better than expected result with a decent payout.
Moreover, investor interest remained intact in National Bank of Pakistan on expectation of better than expected result to be announced on March 6.
Lucky Cement gained 1.3% as investors continue to bet on cement stocks as construction season picks up along with improvement in primary margins.
Shares of 359 companies were traded on Wednesday. At the end of the day 140 stocks closed higher, 153 declined while 66 remained unchanged. The value of shares traded during the day was Rs6.64 billion.
Lotte Pakistan PTA, the volume leader with 25.7 million shares, rose to its daily upper limit of Re1 to finish at Rs8.9. It was followed by Jahangir Siddiqui and Company with 13.0 million shares declining Rs0.43 to close at Rs9.58 and National Bank of Pakistan with 10.9 million shares losing Rs0.72 to close at Rs51.39.
Published in The Express Tribune, March 1st, 2012.
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