Shares of 375 companies were traded on Wednesday. 192 stocks closed higher, 144 declined while 39 remained unchanged.
KARACHI: The Karachi bourse witnessed another bullish session today, recording yet another all-time high, churning in decent activity. As per expectations, Pakistan Telecommunication Company (PTCL) was the highlight of the day due to an excellent earnings announcement. The oil sector supported the momentum as the rupee continued to depreciate against the dollar and international oil prices continue to go up.
Activity was also witnessed in sectors like energy and power, and fertilisers with participation predominantly from retail investors, said Fahad Ali, analyst at JS Global Capital.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.48% or 85.05 points to end at 17,696.45 point level. Trade volumes improved marginally to 262 million shares compared with Tuesday’s tally of 236 million shares.
“PTCL attracted mix sentiments over better than expected earnings, but disappointed investors on the payout front,” reported Harris Batla, analyst at Elixir Securities.
The oil sector once again gained momentum over the international oil price hike and rupee depreciation, while the banking and cement sectors traded lacklustre, added Batla. Institutional interest in the Oil and Gas Development Company (OGDC) helped it crossed the Rs200-mark for the first time ever.
On the other hand, Sui Northern Gas Pipelines pleased the market on both earnings and payouts, which pushed the stock to its upper price limit.
Shares of 375 companies were traded on Wednesday. At the end of the day 192 stocks closed higher, 144 declined while 39 remained unchanged. The value of shares traded during the day was Rs7.12 billion.
Pakistan Telecommunication Company was the volume leader with 44.81 million shares gaining Rs0.19 to finish at Rs20.10. It was followed by NIB Bank with 16.29 million shares gaining Rs0.16 to close at Rs2.77 and Pakistan International Airlines with 15.65 million shares climbing Rs0.55 to close at Rs5.27.
Foreign institutional investors were net buyers of Rs18.45 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Analysts expect the banking sector to regain momentum over payout excitement, while other sectors may continue to remain subdued as earnings season comes closer to its end. Moreover, dividend yielding along with dollar denominated revenues plays such as oil and textiles will continue to attract interest.
Published in The Express Tribune, February 14th, 2013.
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