KARACHI: The index closed up on healthy turnover and weathered negatives on politics as investors preferred to keep focus on macros and earnings.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index showed an increase of 0.23% or 73.83 points to end at 32,084.16.
Elixir Securities analyst Faisal Bilwani said stocks opened negative tracking regional markets and primarily dragged by oil stocks, however, gains in cements wiped early losses.
“Lucky Cement (LUCK PA +2%) led the impact on KSE-100 while Maple Leaf Cement (MLCF +5%) and DG Khan Cement (DGKC PA +5%) churned heavy volumes and both hit the upper price limit on excitement over future outlook.
“Interestingly, Oil and Gas Development Company (OGDC PA +0.2%) managed a positive close while Pakistan Petroleum Limited (PPL PA -0.3%) closed marginally negative, however, generated interest at lows.
“Financials were also down but are likely to attract attention as Allied Bank (ABL PA -2.4%) book building for sale of government’s 11% stake starts,” he said.
Meanwhile, JS Global Arhum Ghous said volumes remained healthy. “The Bank of Punjab spiked up 6.9% after news of the bank meeting its CAR (Capital Adequacy Ratio) requirement and possibility of dividends to shareholders after a gap of seven years.
“We expect Pakistan State Oil to be in the limelight as the company seeks Rs100 billion injection from the government,” he concluded.
Trade volumes rose to 278 million shares compared to 186 million on Monday.
Shares of 379 companies were traded on Tuesday. Of these, 165 companies declined, 198 closed higher and 16 remained unchanged. The value of shares traded during the day was Rs14.2 billion.
The Bank of Punjab was the volume leader with 41.1 million shares, gaining Rs0.63 to close at Rs9.80. It was followed by Maple Leaf Cement with 17.3 million shares, gaining Rs1.93 to close at Rs40.72 and DG Khan Cement with 14.8 million shares, gaining Rs4.54 to close at Rs102.34.
Foreign institutional investors were net sellers of Rs698 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, December 10th, 2014.
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