Market watch: Stocks climb in dull session
KSE-100 index rises 78 points.
KARACHI:
The stock market climbed in a lacklustre session on Friday as many investors preferred to stay on the sidelines.
The Karachi Stock Exchange 100-share index ended 0.66 per cent or 77.59 points up at 11,887.13 points.
Focus continued to remain on the fertiliser and cement sectors on the back of good earnings expectations and higher product prices, respectively, said Topline Securities equity dealer Samar Iqbal.
The banking sector also came in the limelight as banking spread for February remained on the higher side, added Iqbal.
Fertiliser stocks led the rally with Fauji Fertiliser Company being the dominant player on talk of foreign buying.
Lucky Cement stood strong throughout the day on market talk of cement prices hovering in the range of Rs380 to Rs390 per bag, said JS Global Capital analyst Jawad Khan. Hence, Lucky Cement jumped 1.4 per cent while DG Khan Cement closed down 1.8 per cent owing to some profit-taking.
Trading volume improved but still stood at a dismal level of 80.5 million shares against previous day’s tally of 68.53 million shares.
Among exploration and production companies, Oil and Gas Development Company gained 0.9 per cent while Pakistan Petroleum Limited and Pakistan Oilfields closed flat.
Habib Bank hit its upper price limit as the bank announced a day earlier that it would further raise its stake in New Jubilee Insurance Company and Bank PHB, Nigeria.
Shares of 355 companies were traded on the last trading session of the week. At the end of the day, 153 stocks closed higher, 114 declined and 88 remained unchanged. The value of shares traded during the day was Rs3.52 billion.
Pace (Pak) Limited was the volume leader with 18.72 million shares, gaining Rs0.53 to finish at Rs3.67. It was followed by Lotte Pakistan PTA with 6.74 million shares, declining Rs0.11 to close at Rs16.03 and Engro Corporation with 3.74 million shares, declining Rs0.3 to close at Rs205.48.
Published in The Express Tribune, April 2nd, 2011.
The stock market climbed in a lacklustre session on Friday as many investors preferred to stay on the sidelines.
The Karachi Stock Exchange 100-share index ended 0.66 per cent or 77.59 points up at 11,887.13 points.
Focus continued to remain on the fertiliser and cement sectors on the back of good earnings expectations and higher product prices, respectively, said Topline Securities equity dealer Samar Iqbal.
The banking sector also came in the limelight as banking spread for February remained on the higher side, added Iqbal.
Fertiliser stocks led the rally with Fauji Fertiliser Company being the dominant player on talk of foreign buying.
Lucky Cement stood strong throughout the day on market talk of cement prices hovering in the range of Rs380 to Rs390 per bag, said JS Global Capital analyst Jawad Khan. Hence, Lucky Cement jumped 1.4 per cent while DG Khan Cement closed down 1.8 per cent owing to some profit-taking.
Trading volume improved but still stood at a dismal level of 80.5 million shares against previous day’s tally of 68.53 million shares.
Among exploration and production companies, Oil and Gas Development Company gained 0.9 per cent while Pakistan Petroleum Limited and Pakistan Oilfields closed flat.
Habib Bank hit its upper price limit as the bank announced a day earlier that it would further raise its stake in New Jubilee Insurance Company and Bank PHB, Nigeria.
Shares of 355 companies were traded on the last trading session of the week. At the end of the day, 153 stocks closed higher, 114 declined and 88 remained unchanged. The value of shares traded during the day was Rs3.52 billion.
Pace (Pak) Limited was the volume leader with 18.72 million shares, gaining Rs0.53 to finish at Rs3.67. It was followed by Lotte Pakistan PTA with 6.74 million shares, declining Rs0.11 to close at Rs16.03 and Engro Corporation with 3.74 million shares, declining Rs0.3 to close at Rs205.48.
Published in The Express Tribune, April 2nd, 2011.