Market watch: Index finishes day just shy of the 25,000 mark

Benchmark KSE-100 index rises 128.34 points.

KARACHI: The stock market closed just a few points below 25,000, narrowly missing out on the unprecedented finish.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.52% or 128.34 points to end at 24,998.89 points.

Stock market analyst Ovais Ahsan of JS Global Securities said that the bulls continued to hold sway as the index continuously breached 25,000 on an intra-day basis though falling just short of closing above the barrier.

“Oil and Gas Development Companies ( +0.82%) and Pakistan Oilfields (+1.32%) were major gainers for the day as global oil prices rallied on the back of a jump in China’s net crude imports and a falling US jobless rate,” he said.



Ahsan said that Nishat Mills (+1.48%) led a run up in the textile sector as voting on the quota enhancing GSP Plus commences on December 15 at the European Union parliament.

“The US defense chief’s meeting with the prime minister today also raised hopes of Pakistan getting disbursements from the Coalition Support Fund,” he added.

Meanwhile, Elixir Securities’ stock market analyst Fareesa Baig said the market participation was notably active in the finance sector with United Bank (UBL PA +1.4%) topping the list, while Bank Alfalah (BAFL PA +0.04%) also generated interest over year-end pay-out and earnings excitement.

“Engro Corporation (ENGRO PA +3.5%) almost hit an upper price limit intra-day over the news of finance ministry agreeing on gas supply to the company at a concessionary rate.  However, cements traded lackluster with Lucky Cement (LUCK PA -0.6%) and DG Khan Cement (DGKC PA -0.09%) closing marginally negative due to expected seasonal slowdown in demand,” Baig said.

Trade volumes fell to 103 million shares compared with Friday’s tally of 188 million.



Shares of 351 companies were traded on Monday. At the end of the day, 177 stocks closed higher, 146 declined while 28 remained unchanged. The value of shares traded during the day was Rs7 billion.

Engro Corporation was the volume leader with 7.65 million shares, gaining Rs5.36 to finish at Rs160. Fauji Cement followed with 7.60 million shares, losing Rs0.10 to close at Rs13.77 and BankIslami Pakistan with 7.47 million shares, gaining Rs0.26 to close at Rs6.71.

Foreign institutional investors were net buyers of Rs309 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, December 10^th, 2013.

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