KARACHI: The stock market rose on Tuesday with major blue chips closing in the green.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.41 per cent or 59.06 points to end at 14,443.64 point level.
“The day once again belonged to cement stocks with DG Khan Cement gaining 0.6% while Lucky Cement jumped 1.4% over news that China’s Eximp bank will provide $700 million at low interest rates for dam projects,” said JS Global Capital analyst Jawad Khan.
Engro Foods met market expectation on its half early earnings but failed to sustain its levels and fell from its high of Rs72 during the session to close down 3.09% at Rs67.66. Engro Foods profits rose more than four-folds to Rs1.02 billion in the first half of 2012 led by Olpers.
Trade volumes gained to 105 million shares compared with Monday’s tally of 74 million shares.
MCB Bank jumped 2.2% over news that the central bank is considering proposal from the bank to open three branches in India, added Khan.
Foreign institutional investors were buyers of Rs156 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Pakistan Oilfields gained 1.4% and was by far the best performing E&P albeit low volumes
Pakistan Petroleum gained 0.7% over expectations of better full year results and payouts.
Shares of 372 companies were traded on Tuesday. At the end of the day 164 stocks closed higher, 106 declined while 102 remained unchanged. The value of shares traded during the day was Rs4.02 billion.
Jahangir Siddiqui and Company was the volume leader with 13.5 million shares gaining Rs0.63 to finish at Rs14.66. It was followed by DG Khan Cement with 12.8 million shares firming Rs0.28 to close at Rs44.92 and Lotte Pakistan PTA with 8.7 million shares increasing Rs0.39 to close at Rs7.56.
Published in The Express Tribune, July 18th, 2012.
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