At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.37% or 110.17 points to end at 30,180.30.
Elixir Securities analyst Faisal Bilwani said early gains on thin volumes did not come as a surprise as deadlock on political front and concerns over flood-related damage continued to keep bulls on a leash.
“Cements generated volumes as DG Khan (DGKC PA +2.5%) announced earnings that beat estimates with stock gaining after fear of rights issue subsided, while Lucky Cement (LUCK PA +3.75%) follow suit and closed at levels last seen late July.”
“Financials continued to attract attention on prospects of significant earnings growth with Faysal Bank (FABL PA +5.7%), National Bank (NBP PA +3%) and MCB Bank (MCB PA +1%). On the other hand, Oil and Gas Development Company (OGDC PA -1%) was a disappointment on the first day of trading ex of Rs3 per share cash dividend,” said Bilwani.
Meanwhile, JS Global analyst Mohammad Mobeen said that in the oil and gas sector, Pakistan Petroleum Limited (+0.7%) attracted investor interest after its second discovery in Sindh of 18.6mmcfd gas and 31bpd condensate which would have a recurring EPS impact of Rs0.65
Trade volumes rose to 195 million shares compared to Monday’s tally of 132 million.
Shares of 406 companies were traded on Tuesday. Of these, 194 companies declined, 190 closed higher while 22 remained unchanged. The value of shares traded during the day stood at Rs9.1 billion.
Faysal Bank was the volume leader with 23.3 million shares, gaining Rs1.00 to close at Rs18.62. It was followed by Askari Bank with 19.4 million shares, gaining Rs0.24 to close at Rs21.68 and Lafarge Pakistan with 17 million shares, gaining Rs0.32 to close at Rs16.10.
Foreign institutional investors were net buyers of Rs177 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 17th, 2014.
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