Market Watch: Stock market in recovery mode

KSE’s benchmark 100-share index surges 130 points.

KARACHI:

The stock market staged a recovery on the last trading session of the week and almost covered for the decline posted in the last three trading sessions.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.96 per cent or 130.22 points to end at the 13,730.82 point level on Friday after plummeting 153 points for three consecutive days.

The bourse jumped after initial confusion as the ruling Pakistan Peoples Party managed to muster support among coalition partners for its candidate in the running for the prime minister post.

Trade volumes gained to 84 million shares compared with Thursday’s tally of 57 million shares. DG Khan Cement led the volumes board while Lucky Cement also remained among top volumes over attractive valuations, said JS Global Capital analyst Jawad Khan.

Oil stocks closed positive despite international oil prices remaining under pressure with Pakistan Oilfields and Oil & Gas Development Company jumping 0.9% & 2.5%. Fauji Fertilizer Company remained highly sought after over attractive valuations over market rumours that the fertilizer manufacturer recorded impressive urea sales in June.

Foreign institutional investors were buyers of Rs144 million and sellers of Rs202 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 354 companies were traded on Friday. At the end of the day 166 stocks closed higher, 77 declined while 111 remained unchanged. The value of shares traded during the day was Rs3.0 billion.

DG Khan Cement was the volume leader with 7.36 million shares gaining Rs1.08 to finish at Rs40.16. It was followed by IGI Investment Bank with 7.06 million shares firming Rs0.23 to close at Rs2.25 and Bank AlFalah with 6.63 million shares increasing Rs0.44 to close at Rs16.94.

Published In The Express Tribune, June 23^rd, 2012.