Byco Petroleum was the volume leader with 11.8 million shares, gaining Rs0.09 to finish at Rs 11.35. PHOTO: FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.64% or 180.99 points to end at 28,511.02.
“Morning news of the finance ministry releasing Rs20 billion payments for Pakistan State Oil (PSO PA +2.3%) helped the stock recover after falling -7.8% in the last four trading sessions,” said Harris Ahmed Batla of Elixir Securities.
“Financials namely National Bank (NBP PA +3.1%), Habib Bank (HBL PA +3.4%) and Bank Alfalah (BAFL PA +1.6%) remained in the limelight throughout the session with expectations of a status quo stance in the upcoming monetary policy next week.
“However, the new gas load-shedding plan to divert gas supply from fertiliser industry to the power sector kept fertilisers under pressure, with Engro Fertlizer (EFERT PA -0.7%) spending the day in the negative territory along with Fauji Fertilizer (FFC PA -0.3%) and Fauji Fertlizer Bin Qasim (FFBL PA -1.1%).
“We expect the market to remain volatile on low volumes before the weekend, while developments on the upcoming political protest will keep investors on their toes. Recent laggards, namely PTC and PSO seem to present attractive trading opportunities,” concluded Batla.
Meanwhile, JS Global Analyst Syed Faran Rizvi said the market bounced back after marking a triple bottom as bulls gained some strength.
“We recommend investor to buy above 28,600 given a major resistance trend line and
21 EMA existing at that level, targeting 30,100. Increase in OMC margins and circular debt resolution indicates that OMCs’ stock would be in the limelight in the upcoming trading days.
We recommend traders to buy above the resistance level,” said Rizvi.
Trade volumes slightly decreased to 132 million shares compared with Wednesday’s tally of 134 million shares.
Shares of 342 companies were traded on Thursday. At the end of the day, 187 stocks closed higher, 129 declined while 26 remained unchanged. The value of shares traded during the day was Rs6.2 billion.
Byco Petroleum was the volume leader with 11.8 million shares, gaining Rs0.09 to finish at Rs 11.35. It was followed by K-Electric with 7.1 million shares, gaining Rs0.11 to close at Rs 6.74 and Pakistan Telecommunication Company Limited with 6.6 million shares, losing Rs0.50 to close at Rs28.
Foreign institutional investors were net buyers of Rs92 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 9th, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ