“Most of the local institutions are cash rich waiting for a correction to come, whereas foreign institutions have been regular buyers driving the market sentiment,” said JS Global Capital analyst Fahad M Ali. PHOTO: INP/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.69% or 174.26 points to end at 25,524.46 points.
“Most of the local institutions are cash rich waiting for a correction to come, whereas foreign institutions have been regular buyers driving the market sentiment,” said JS Global Capital analyst Fahad M Ali.
Elixir Securities analyst Faisal Bilwani attributed the excitement in financials mainly to full-year payouts with National Bank of Pakistan (NBP +2.3%), which led the charge.
“Pakistan Oilfields (POL +1.6%) that had been missing out on the recent run, finally came out of hibernation and gained on thin volumes while Pakistan State Oil (PSO +1.4%) was also up as investors expected revision in margins in days ahead that would be very positive for the country’s largest oil marketing company,” he said.
As expected, cement shares attracted massive interest mainly from retail investors as jobbers continued to take advantage of volatility and high volumes in primarily small and mid-caps.
News of progress on spectrum sale ensured that Pakistan Telecommunication Company Limited (PTC +0.4%) didn’t lose its recently gained momentum with the stock closing at levels last seen in 2008, added Bilwani.
Trade volumes rose to 274 million shares compared with Tuesday’s tally of 259 million.
Shares of 402 companies were traded. At the end of the day, 270 stocks closed higher, 120 declined and 12 remained unchanged. The value of shares traded during the day was Rs11.3 billion.
PTCL was the volume leader with 17.8 million shares, gaining Rs0.12 to finish at Rs31.70. It was followed by Fauji Cement with 16.6 million shares, gaining Rs0.23 to close at Rs14.65 and Jahangir Siddiqui with 14.8 million shares, gaining Rs0.25 to close at Rs9.46.
Foreign institutional investors were net sellers of Rs27 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 19th, 2013.
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The stock market index, being barometer of the economy, touches new heights despite negative propaganda by a few pseudo intellectual trolls.