Market watch: Index range-bound on week’s last trading day
KSE-100 index strengthened 39.98 points to close at 12,363.45 points on Friday.
KARACHI:
Investors remained cautious on Friday after the preceding day’s rally amid uncertainty over the outcome of Prime Minister Yousaf Raza Gilani’s meeting with Muttahida Qaumi Movement (MQM) representatives.
The benchmark 100-share index at the Karachi Stock Exchange (KSE) strengthened 39.98 points, or 0.32 per cent, to close at 12,363.45 points.
“The reduction in petroleum prices was believed to have a negative impact on the economy as the government will now have to bear the burden of an additional subsidy payment but this did not stop the market from going above yesterday’s [Thursday’s] closing since it expects the margin trading system to be introduced soon,” commented Arsalan Khan from JS Global Capital.
Shares of 383 companies were traded on Friday. At the end of the day, 199 stocks closed higher, 164 declined and 20 remained unchanged. The value of shares traded during the day increased to Rs8.4 billion.
Almost 152 million shares were traded on Friday, up slightly from the 144 million shares traded on the preceding day. “One hundred and fifty two million shares were traded today [Friday], with the investors playing it safe and booking profits at every opportunity,” added Khan.
Fauji Fertiliser Bin Qasim led the volumes with 19.24 million shares traded. The scrip gained Rs1.23 to close at Rs38.44 per share.
Lotte Pakistan PTA followed with a trade volume of 13.74 million shares. The company’s stock strengthened Rs0.02 per share to close at Rs14.73. Lotte’s stock has been steadily increasing this week on rising international prices of purified terephthalic acid (PTA), improved margins and news of an expected decrease in freight costs.
NIB Bank came in third. The bank scrip jumped seven per cent to end trade at Rs3.17 per share. Bugis Investments, a wholly-owned subsidiary of Fullerton Financial Holdings of Singapore, has injected $74.08 million into NIB Bank Limited.
Published in The Express Tribune, January 8th, 2011.
Investors remained cautious on Friday after the preceding day’s rally amid uncertainty over the outcome of Prime Minister Yousaf Raza Gilani’s meeting with Muttahida Qaumi Movement (MQM) representatives.
The benchmark 100-share index at the Karachi Stock Exchange (KSE) strengthened 39.98 points, or 0.32 per cent, to close at 12,363.45 points.
“The reduction in petroleum prices was believed to have a negative impact on the economy as the government will now have to bear the burden of an additional subsidy payment but this did not stop the market from going above yesterday’s [Thursday’s] closing since it expects the margin trading system to be introduced soon,” commented Arsalan Khan from JS Global Capital.
Shares of 383 companies were traded on Friday. At the end of the day, 199 stocks closed higher, 164 declined and 20 remained unchanged. The value of shares traded during the day increased to Rs8.4 billion.
Almost 152 million shares were traded on Friday, up slightly from the 144 million shares traded on the preceding day. “One hundred and fifty two million shares were traded today [Friday], with the investors playing it safe and booking profits at every opportunity,” added Khan.
Fauji Fertiliser Bin Qasim led the volumes with 19.24 million shares traded. The scrip gained Rs1.23 to close at Rs38.44 per share.
Lotte Pakistan PTA followed with a trade volume of 13.74 million shares. The company’s stock strengthened Rs0.02 per share to close at Rs14.73. Lotte’s stock has been steadily increasing this week on rising international prices of purified terephthalic acid (PTA), improved margins and news of an expected decrease in freight costs.
NIB Bank came in third. The bank scrip jumped seven per cent to end trade at Rs3.17 per share. Bugis Investments, a wholly-owned subsidiary of Fullerton Financial Holdings of Singapore, has injected $74.08 million into NIB Bank Limited.
Published in The Express Tribune, January 8th, 2011.