Investors remained bullish on Tuesday as the market improved on the back of institutional and foreign interest ahead of quarter-end earnings announcements.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.24 per cent or 28.09 points to end at the 11901.37-point level.
Stocks spent most of the session plodding along the neutral line in the absence of catalysts, said Elixir Securities analyst Sibtain Mustafa. Late buying by state funds in oil and fertiliser stocks was witnessed, as investors expected improved quarterly results from the sector, pushing the index to close in the green.
Improved bilateral ties between Pakistan and UK added to investor interest, after UK Prime Minister David Cameron announced £650 million worth of aid for the education sector, said Arif Habib Investments Limited Director Ahsan Mehanti.
Overall volumes depicted marginal uptick, with small and mid-tier banking names leading the volumes chart. Trade volumes rose to 74.13 million shares compared with Monday’s tally of 60.03 million shares.
Bank Alfalah gained 5.2 per cent on expectations of higher earnings, after overcoming troubled years of higher provisions. Indus Motors also continued its rise amid reported local mutual funds interest, gaining 4.1 per cent during trade, added Mustafa.
Shares of 357 companies were traded on Tuesday. At the end of the day, 134 stocks closed higher, 126 declined, while 97 remained unchanged. The value of shares traded during the day was Rs3.08 billion.
Pace (Pak), the volume leader with 7.97 million shares, gained Rs0.22 to finish at Rs3.96 amid speculation that cash flows may improve going forward. It was followed by Meezan Bank with 4.83 million shares, gaining Rs0.31 to close at Rs17.56 and Bank of Punjab with 4.64 million shares, gaining Rs0.4 to close at Rs6.61.
Published in The Express Tribune, April 6th, 2011.
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