Traders monitoring shares' prices at Karachi Stock Exchange on Thursday April 10, 2014. PHOTO: PPI
At the end of the day, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 1.07% or 309.53 points to end at 29,250.54.
“Broader market sentiments remained upbeat post overwhelming investor response to Pakistan’s Eurobond,” said Fareesa Baig of Elixir Securities.
“Optimism on the macroeconomic front with morning news of the World Bank projecting Pakistan’s growth rate higher at 3.6 – 4% and positive statements by the International Monetary Fund with respect to debt ratio and government revenues further augmented investor confidence.
“Pakistan State Oil (PSO PA +5%) was the stock of the day, garnering attention and closing at its upper price limit, while Engro Corporation (ENGRO PA +3.8%) followed suit along with National Bank (NBP PA 3.9%) that gained on reported institutional interest and was also among the most traded stocks.
She further stated that cements remained buoyant with the recent meeting between cement manufacturers ending on a positive note with risks of a price war in the near future unlikely.
“Volumes stood high because of the positive sentiment growing in the market due to the foreign inflows,” said JS Global Analyst Fahad M Ali.
“We expect the market to head north if the intensity of foreign inflows remains at the same level,” he concluded.
Trade volumes rose to 350 million shares compared with Wednesday’s tally of 309 million.
Shares of 386 companies were traded on Thursday. At the end of the day, 192 stocks closed higher, 167 declined while 27 remained unchanged. The value of shares traded during the day was Rs15.7 billion.
Lafarge Pakistan was the volume leader with 59.7 million shares, gaining Rs0.72 to finish at Rs13.77. It was followed by Pak Elektron Limited with 20.9 million shares, gaining Rs0.21 to close at Rs23.41 and Pace (Pakistan) Limited with 15.9 million shares, gaining Rs0.01 close at Rs5.09.
Foreign institutional investors were net buyers of Rs649 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 11th, 2014.
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