Benchmark
KSE-100 index
rises 83.8 points.
KARACHI: The stock market recovered slightly, but was unable to complete shrug off bearish sentiments despite an early day spike in buying.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.39% or 83.80 points to end at 21,808.48 points.
Shares of 359 companies were traded on Tuesday. At the end of the day 181 stocks closed higher, 133 declined while 45 remained unchanged. The value of shares traded during the day was Rs5.9 billion.
“Pakistan equities closed green after five consecutive negative sessions with a bounce back mainly in index names on institutional buying. Stocks traded volatile with KSE100 testing 22k, however selling at highs pushed stocks down to close with trimmed gains.” Said Faisal Bilwani of Elixir Research.
“Pakistan Telecom (PTC PA +5%) led the show hitting upper lock on interest following hopes of progress on 3G license auction while Lucky Cement LUCK PA also gained and traded against sector direction despite ambiguity over cement pricing and capacity utilisation going forward.” Added Bilwani.
“The KSE index continued with its bearish trend by opening negatively, however interest in good dividend yielding stocks ended the day for KSE-100 Index in the green. Major shift in sentiment was believed to be due to an ongoing visit by the prime minister to Karachi in order to improve the law and order situation in the city” Said Adeel Jafri of JSGlobal.
Trade volumes fell to 169 million shares compared with Monday’s tally of 180 million shares.
Bank of Punjab was the volume leader with 16 million shares gaining Rs0.14 to finish at Rs12.02. It was followed by Fauji Cement with 13 million shares losing Rs0.03 to close at Rs12.99 and PTCL with 11 million shares gaining Rs1.02 to close at Rs24.32.
Bank of Punjab was the volume leader with 16 million shares gaining Rs0.14 to finish at Rs12.02. It was followed by Fauji Cement with 13 million shares losing Rs0.03 to close at Rs12.99 and PTCL with 11 million shares gaining Rs1.02 to close at Rs24.32.
Foreign institutional investors were net sellers of Rs214 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 4th, 2013.
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