Market watch: Index continues to sail upward

Benchmark KSE-100 index climbs 103.75 points.

KARACHI: The index continued with its upward trend amid an upbeat broader market sentiment with index touching new highs above 27, 000.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.38% or 103.75 points to end at 27,104.70.

Elixir Securities Analyst Jawwad Aboobakar said textile giants Nishat Mills (NML PA +1.8%) and Nishat Chunian (NCL PA +2.3%) remained in the limelight as exports reportedly registered a 25% growth month-on-month.

“Oil marketing companies (OMC) namely Pakistan State Oil (PSO PA +0.8%) and Attock Petroleum (APL PA +0.9%) closed in green ahead of the Economic Coordination Committee meeting as investors expect an upward revision in the OMC margins,” said Aboobakar.



“Expect the upcoming earning announcements to guide investor interest, along with foreign flows that will remain instrumental in setting the tone ahead.”

JS Global Capital analyst Mujtaba Barakzai said Engro remained in the limelight.

“The stock hit an intra-day high of Rs192.2,” said Barakzai. “However, profit-taking was witnessed during the ending hours of the session.”

“On the other hand, Engro Fertilizer (EFERT) closed the day at the upper circuit again. EFOODS closed down 3.8% as expectations of weak earnings in 2013 put pressure on the stock.”

Banks were the losers due to the unchanged monetary policy stance of the State Bank of Pakistan.

Trade volumes fell to 261 million shares compared with Monday’s tally of 266 million.

Shares of 420 companies were traded on Tuesday. At the end of the day, 256 stocks closed higher, 145 declined while 19 remained unchanged. The value of shares traded during the day was Rs11.2 billion.



Azgard Nine was the volume leader with 20.8 million shares, gaining Rs0.28 to finish at Rs9.07. It was followed BankIslami Pakistan with 13.1 million shares, gaining Rs0.54 to close at Rs7.78 and Karachi Electric Supply Company with 12.1 million shares, gaining Rs0.06 to close at Rs6.80.

Foreign institutional investors were net buyers of Rs471 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, January 22^nd, 2014.

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