Market watch: Kerry comments on Pak-US ties lift bourse

Benchmark KSE-100 index gains 28 points.

KARACHI:

The stock market bounced back on Tuesday in line with expectations on the back of positive statements given by Senator John Kerry on Pakistan-US ties, analysts said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.24 per cent or 28.12 points to end at 11,930.24 point level.

This assurance came at a crucial time and helped alleviate any fear of blocks to international aid after Osama bin Laden’s killing, said Elixir Securities equity dealer Sara Shahid. The benchmark index was up more than a 100 points in the first hour of trade, however, participants preferring to book profits at higher levels  pulled the index down.

Volumes improved 41 per cent to 63 million shares but blue chip stocks once again were not among the top ten volume leaders.

Volumes were mostly dominated by second tier stocks with DG Khan Cement right shares topping the volume leader list as today marked the end of trading for the shares. Topping the volumes chart, it fell Rs0.39 to close at Rs0.7 on heavy selling.

It was followed by Pace (Pak) with 7.12 million shares gaining Rs0.17 to close at Rs2.78 and Jahangir Siddiqui and Company with 6.39 million shares firming Rs0.27 to close at Rs7.46.

Shares of 358 companies were traded on Tuesday. At the end of the day 150 stocks closed higher, 96 showed a decline while 112 remained unchanged. The value of shares traded during the day was Rs1.4 billion.

Nishat Mills Limited saw some excitement on value buying after eight weeks of decline as the scrip gained Rs1.2 to close at Rs58.18.

Published in The Express Tribune, May 18^th, 2011.