The week began on a bullish note with the cement sector driving the index to the black.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.47% or 140.47 points to end at 30,238.96.
Elixir Securities analyst Faisal Bilwani said Pakistan equities closed positive with earnings excitement helping rebuild confidence.
“Cements led the show as profits exceeded estimates with Lucky Cement (LUCK) +4.8% and DG Khan Cement (DGKC) +2.1% gaining on healthy turnover,” said Bilwani.
“K-Electric (KEL) +1.5%, which has recently gotten back on investors’ radar, topped volumes charts on excitement over payout and better earnings outlook.
“Oils were mixed with selective interest as investors expect clarity over global prices. However, we see sharp gains in days ahead as international crude settles and the delayed OGDCL transaction gets under way.”
Meanwhile, JS Global analyst Ovais Ahsan said, “Kot Addu Power 4.8% was also amongst the major gainers after announcing a stellar first-quarter EPS of Rs2.74 (+40%) with the jump in earnings attributed to absence of any major overhauls.
“The oil and gas sector was the major laggard with OGDC (-0.5%) and Pak Petroleum (-0.7%) continuing to bear the brunt of bearish global oil price scenario.”
Trade volumes fell to 145 million shares compared to 191 million on Friday.
Shares of 396 companies were traded on Monday. Of these, 208 companies declined, 164 closed higher while 24 remained unchanged. The value of shares traded during the day was Rs9.6 billion.
K-Electric Limited was the volume leader with 9.6 million shares, gaining Rs0.12 to close at Rs7.97. It was followed by the Lalpir Power with 7.5 million shares, losing Rs0.61 to close at Rs20.98 and DGKC with 5.7 million shares, gaining Rs1.66 to close at Rs80.62.
Foreign institutional investors were net sellers of Rs260.6 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, October 28th, 2014.
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