KARACHI: The index posted a recovery as news of PTI ending its country wide sit-in and the IMF releasing the loan tranche of $1.05 billion helped investor confidence.
At close, the Karachi Stock Exchange (KSE) benchmark 100-share index increased 0.52% or 160.31 points to end at 30,827.45.
Elixir Sercuities analyst Faisal Bilwani said Pakistan equities opened to a cheer. “Moreover, IMF’s final nod to the installment and rebound in oil prices helped investors regain confidence,” said Bilwani. “This also helped investor’s ignore the large foreign outflow.”
“Oils led the show while wider market closed positive with trimmed gains after mid-day institutional selling.” Bilwani added that cements bounced back on local interest while volumes were led by retail driven plays.
“We see volatile trading with foreign flows guiding market direction as any large outflow can easily spook investors. However, excitement over macros and positives from the political front would help absorb selling in index names.
JS Global analyst Muhammad Mobeen added that bulls dominated the KSE-100 Index.
“Intraday profit taking was witnessed in the market as at one point in time the index was trading 485 points in the green,” said Mobeen.
“Pakistan Petroleum Limited rallied to close up 2.1% following a discovery of hydrocarbons in exploratory well in Gambat South Block, where the company has a 65% working interest.”
Trade volumes declined to 195 million shares compared to 199 million on Wednesday.
Shares of 374 companies were traded on Thursday. Of these, 144 companies declined, 206 closed higher and 24 remained unchanged. The value of shares traded during the day was Rs10.9 billion.
K-Electric Limited was the volume leader with 15 million shares, losing Rs0.04 to close at Rs8.65. It was followed by the WorldCall Telecom with 10.2 million shares, staying constant to close at Rs1.64 and Maple Leaf Limited with 9.7 million shares, gaining Rs0.76 to close at Rs41.48.
Foreign institutional investors were net sellers of Rs341 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 19th, 2014.
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