Market watch: Stocks rise on strong investor interest

KSE 100-share index gains 76 points.

KARACHI:

The stock market rose on Thursday as bullish sentiments prevailed on expectation of maintaining of status quo in the upcoming monetary policy.

The Karachi Stock Exchange (KSE) 100-share index ended 0.66 per cent or 76.19 points higher at 11,564.25.

All seven analysts in a poll conducted by The Express Tribune forecast that the central bank will leave the discount rate unchanged at 14 per cent in the monetary policy announcement tomorrow (Saturday).

Thursday’s rally in the Karachi bourse was led by oil stocks as crude prices continued their upward march and crossed $116 a barrel in the international market on the back of unrest in the Middle East, said Arif Habib Investments Limited Director Ahsan Mehanti.

Trading volume stood at a paltry level of 62.66 million shares compared with 63 million shares on Tuesday. The market was closed on Wednesday owing to public holiday on account of Pakistan Day.

Foreigners were said to be buyers of cement and energy shares while locals were accumulating shares in the energy and fertiliser sectors.

National Bank of Pakistan continued to attract investor attention on the back of better valuations, said Topline Securities equity dealer Samar Iqbal. The scrip topped the volume chart with 7.28 million shares, gaining Rs1.68 to finish at Rs57.67.

It was followed by Lotte Pakistan PTA with 5.9 million shares, firming Rs0.19 to close at Rs15.93 and Dewan Salman with 4.49 million shares, increasing Rs0.14 to close at Rs2.94.

Shares of 366 companies were traded during the day. At the close, 143 stocks stood higher, 112 declined and 111 remained unchanged. The value of shares traded during the day was Rs3.31 billion.

Published in The Express Tribune, March 27^th, 2011.