Market watch: Bourse gains for the fourth consecutive day

Bulls stayed in the market for the fourth consecutive day, as the bourse gained 63 points.

KARACHI:

Bulls stayed in the market for the fourth consecutive day on Thursday, as the bourse gained 63 points.

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.54 per cent or 62.84 points to end at 11,762 points.

Bullish activity continued throughout the session, ahead of the margin trading system launch on March 7, said Arif Habib Investments Director Ahsan Mehanti.

Trading volume rose to 162.44 million shares compared with 143.3 million shares on Wednesday.

Although sentiments have improved, uncertainty prevails amid political instability, especially after petrol prices were raised by 10 per cent and the assassination of Minister for Minority Affairs Shahbaz Bhatti, said analysts.

Lotte Pakistan, the volume leader with 46.03 million shares, remained in the limelight after news that the group is planning to invest $400 million in a petrochemical plant in Karachi. The stock gained Rs0.34 to finish at Rs16.01.

National Bank of Pakistan for the third consecutive day closed at its upper limit after the company declared a handsome payout and bonus shares along with its result on Tuesday. The scrip was the second most traded share with 10.97 million shares, firming Rs3.75 to close at Rs78.91. It was followed by Hub Power Company with 10.43 million shares, gaining Rs0.9 to close at Rs39.56.

Shares of 655 companies were traded on Thursday. At the end of the day, 192 stocks closed higher, 102 declined and 361 remained unchanged. The value of shares traded during the day was Rs5.54 billion.

Published in The Express Tribune, March 4^th, 2011.