Market watch: KSE continues upward climb to hit 31-month high
KSE-100 index strengthens 74 points (0.59%) to close at 12,550 points.
KARACHI:
Bulls continued the run at the Karachi Stock Exchange (KSE) anticipating early launch of the margin trading system and announcement of attractive corporate earnings, according to analysts.
The benchmark KSE-100 index strengthened 74.1 points, or 0.59 per cent, to close at 12,550.27 points – above the psychological barrier of 12,500.
“Bullish activity continued ahead of earnings announcement on anticipation of early launch of leverage products, higher global commodity prices and expectations of no significant change in the policy rate during the next monetary policy announcement,” commented Arif Habib Investments Limited Director Ahsan Mehanti. “The KSE-100 index continued its upward drive, mainly led by fertiliser stocks and closed above 12,500 points after a gap of 31 months,” added Samar Iqbal from Topline Securities.
Shares of 383 companies were traded on Friday. At the end of the day, 234 stocks closed higher, 130 declined and 19 remained unchanged. The value of shares traded during the day jumped to Rs14.4 billion – a 15-month high, according to Iqbal.
Volumes also raced to 300.5 million shares, a first for the new year. The figure marks a 30 per cent increase from the number of shares traded on Thursday and a whopping 150 per cent increase from last year’s average daily turnover of about 121 million shares.
Fauji Fertiliser Bin Qasim emerged the market leader with a turnover of 30.56 million shares. The scrip gained five per cent to close at Rs41.03 per share. According to analysts, the fertiliser company’s stock witnessed positive activity on the back of foreign inflows and expectations of high earnings.
Lotte Pakistan PTA came in second with 29.26 million shares changing hands. The scrip continued the upward momentum witnessed recently, closing at Rs15.56 per share – up Rs0.07. Azgard Nine Limited (ANL) followed. With more than 27 million shares traded, the scrip strengthened more than 10 per cent to end trade at Rs10.66 per share. “ANL was on top of volumes on market reports of possible debt restructuring,” pointed out Mohammad Rameez from Elixir Securities.
Published in The Express Tribune, January 15th, 2011.
Bulls continued the run at the Karachi Stock Exchange (KSE) anticipating early launch of the margin trading system and announcement of attractive corporate earnings, according to analysts.
The benchmark KSE-100 index strengthened 74.1 points, or 0.59 per cent, to close at 12,550.27 points – above the psychological barrier of 12,500.
“Bullish activity continued ahead of earnings announcement on anticipation of early launch of leverage products, higher global commodity prices and expectations of no significant change in the policy rate during the next monetary policy announcement,” commented Arif Habib Investments Limited Director Ahsan Mehanti. “The KSE-100 index continued its upward drive, mainly led by fertiliser stocks and closed above 12,500 points after a gap of 31 months,” added Samar Iqbal from Topline Securities.
Shares of 383 companies were traded on Friday. At the end of the day, 234 stocks closed higher, 130 declined and 19 remained unchanged. The value of shares traded during the day jumped to Rs14.4 billion – a 15-month high, according to Iqbal.
Volumes also raced to 300.5 million shares, a first for the new year. The figure marks a 30 per cent increase from the number of shares traded on Thursday and a whopping 150 per cent increase from last year’s average daily turnover of about 121 million shares.
Fauji Fertiliser Bin Qasim emerged the market leader with a turnover of 30.56 million shares. The scrip gained five per cent to close at Rs41.03 per share. According to analysts, the fertiliser company’s stock witnessed positive activity on the back of foreign inflows and expectations of high earnings.
Lotte Pakistan PTA came in second with 29.26 million shares changing hands. The scrip continued the upward momentum witnessed recently, closing at Rs15.56 per share – up Rs0.07. Azgard Nine Limited (ANL) followed. With more than 27 million shares traded, the scrip strengthened more than 10 per cent to end trade at Rs10.66 per share. “ANL was on top of volumes on market reports of possible debt restructuring,” pointed out Mohammad Rameez from Elixir Securities.
Published in The Express Tribune, January 15th, 2011.