Market watch: Launch of leverage product news excites investors
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.45 per cent or 55.36 points higher at 12,414.41.
“Bullish activity was witnessed ahead of the Securities and Exchange Commission chairman’s visit to the KSE on Monday, to review the introduction of the margin trading system,” said Arif Habib Investments Limited Director Ahsan Mehanti.
Overall volumes increased by a small margin to 132 million shares compared with Thursday’s 128 million shares. Most of the volume was generated in the early part and tail-end of the day.
Record cotton prices induced investors to build up fresh positions in Lotte Pakistan PTA followed by Nishat Chunian Limited which closed at its upper circuit breaker, said Topline Securities analyst Furqan Punjani.
Cotton prices shot up by Rs500 to Rs11,500 per maund on Friday following the international price hike.
Lotte Pakistan PTA was the volume leader with 35.36 million shares, gaining Rs0.4 to finish at Rs16.38. It was followed by the Bank of Punjab with 8.59 million shares, firming Rs0.23 to close at Rs8.36 and Nishat Chunian with 8.13 million shares, gaining Rs1.22 to close at Rs25.79.
The banking sector was also in the limelight in anticipation of better results, added Punjani.
Shares of 330 companies were traded on the last trading session of the week. At the end of the day, 203 stocks rose higher, 113 declined and 14 remained unchanged. The value of shares traded during the day was Rs5.12 billion.
Published in The Express Tribune, February 5th, 2011.
COMMENTS (2)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ