On Tuesday, foreign investors were net buyers of Rs852 million worth of equities. PHOTO: FILE
Relentless and undeterred foreign interest in the Karachi bourse took the market to new highs. The day proved to be a one-sided affair as the index climbed throughout the session. Once again, low-priced stocks remained speculators’ favourite.
On Tuesday, foreign investors were net buyers of Rs852 million worth of equities, according to data compiled by the National Clearing Company of Pakistan. Between May 1 and June 4, foreign net inflows have surged to Rs27.58 billion, showing their optimism about KSE.
The Karachi Stock Exchange’s benchmark 100-share index gained 0.88% or 193.66 points to end at 22,274.51 points. Trade volumes fell to 544 million shares, compared with Monday’s tally of 573 million shares. The value of shares traded during the day was Rs13.8 billion.
Led by heavyweight MCB Bank, the market posted gains, which were supported by Pakistan Telecommunication Company, Pakistan State Oil and Lucky Cement, said Samar Iqbal, head of equity sales at Topline Securities. Low-priced stocks remained speculators’ favourite, Iqbal added.
The cement sector stayed in the limelight as a higher Public Sector Development Programme allocation of Rs190 billion during the current fiscal year drove up stock prices. Apart from the allocation, investors also remain optimistic about quarterly earnings, hoping construction activities will pick up after the formation of the new government.
The oil and gas sector was among the pick of investors due to expectation of resolution of power and circular debt crisis. However, late in the session the sector recorded some profit-taking, while small caps such as the Bank of Punjab continued to dominate the market.
Shares of 401 companies were traded on Tuesday. At the end of the day, 225 stocks closed higher, 143 declined and 33 remained unchanged.
SOURCE: KSE
Bank of Punjab (rights issue) was the volume leader with 71.82 million shares gaining Rs0.74 to finish at Rs5.04. It was followed by Fauji Cement with 42.37 million shares gaining Rs0.2 to close at Rs12.5 and Maple Leaf Cement with 33.49 million shares rising Rs0.88 to close at Rs22.95.
Published in The Express Tribune, June 5th, 2013.
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