The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.28% or 38.44 points to end at the 13,903.12 point level.
Trade volumes shrank to 290.42 million shares compared with Monday’s tally of 348 million shares. The value of shares traded during the day was Rs5.39 billion.
According to JS Global Analyst Jawad Khan, the initial charge was led by the National Bank of Pakistan, which hit its intra-day upper limit during trading on news of attaining highest credit rating among public sector banks, but closed slightly lower; gaining 4.6%. Meanwhile, United Bank Limited closed up 1.5%. Cement stocks, which were the other major contributor to the rally, were led by Dewan Cement and DG Khan Cement (DGKC). DGKC closed near its upper limit.
Profit-taking was witnessed in fertiliser scrips, while oil stocks remained out of favour with limited institutional activity. Meanwhile, second-tier stocks dominated investor interest.
Shares of 378 companies were traded on Tuesday. At the end of the day 157 stocks closed higher, 140 declined while 81 remained unchanged.
NIB Bank Limited was the volume leader with 32.26 million shares gaining Rs0.10 to finish at Rs2.95. It was followed by Dewan Cement with 26.39 million shares gaining Rs0.99 to close at Rs7.18 and DGKC with 20.15 million shares gaining 4.75% or Rs1.88 to close at Rs41.46.
Foreign institutional investors were buyers of Rs193.95 million and sellers of Rs228.65 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 11th, 2012.
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