Market watch : Stock market firms to three-month high
Benchmark KSE-100 index firms 38 points.
KARACHI:
Upward sentiment pushed the bourse to close at a three-month high on Wednesday amid surging volumes.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index firmed 0.31 per cent or 37.54 points to end at 12,168.12 point level.
“Increasing optimism of relaxation in Capital Gains Tax stayed as the driving factor,” says Aziz Fidahusein Company research head Hasnain Asghar Ali.
Investors sentiment rose on the news as trade volumes rose 75 per cent to 11-week high of 104 million shares compared with Tuesday’s tally of 61 million shares.
Body language of KSE officials suggested that a bargain is on the cards, added Ali.
Foreigners were rumoured buyers in the energy sector while locals were seen active in fertiliser and cement stocks, according to an analyst.
Oil sector continued to support the market on the back of rise in international oil prices. Pakistan Oilfields gained Rs1.68, Pakistan Petroleum surged closed Rs0.91 while Pakistan State Oil rose Rs1.6.
Bank of Punjab was the surprise of the day as it closed at its upper lock generating an impressive 11.8 million shares trading hands on rumours of the bank issuing its financial results after a three-year gap, according to Elixir Securities equity dealer Sara Shahid.
Shares of 359 companies were traded on Wednesday. At the end of the day 209 stocks closed higher, 61 declined while 89 remained unchanged. The value of shares traded during the day rose to a two-week high of Rs3.3 billion.
Azgard Nine was the volume leader with 19.36 million shares gaining Rs0.56 to finish at Rs6.58. It was followed by Jahangir Siddiqui and Company with 15.6 million shares firming Rs0.61 to close at Rs8.12 and Bank of Punjab with 11.88 million shares rising Re1 to close at Rs6.15.
Published in The Express Tribune, May 26th, 2011.
Upward sentiment pushed the bourse to close at a three-month high on Wednesday amid surging volumes.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index firmed 0.31 per cent or 37.54 points to end at 12,168.12 point level.
“Increasing optimism of relaxation in Capital Gains Tax stayed as the driving factor,” says Aziz Fidahusein Company research head Hasnain Asghar Ali.
Investors sentiment rose on the news as trade volumes rose 75 per cent to 11-week high of 104 million shares compared with Tuesday’s tally of 61 million shares.
Body language of KSE officials suggested that a bargain is on the cards, added Ali.
Foreigners were rumoured buyers in the energy sector while locals were seen active in fertiliser and cement stocks, according to an analyst.
Oil sector continued to support the market on the back of rise in international oil prices. Pakistan Oilfields gained Rs1.68, Pakistan Petroleum surged closed Rs0.91 while Pakistan State Oil rose Rs1.6.
Bank of Punjab was the surprise of the day as it closed at its upper lock generating an impressive 11.8 million shares trading hands on rumours of the bank issuing its financial results after a three-year gap, according to Elixir Securities equity dealer Sara Shahid.
Shares of 359 companies were traded on Wednesday. At the end of the day 209 stocks closed higher, 61 declined while 89 remained unchanged. The value of shares traded during the day rose to a two-week high of Rs3.3 billion.
Azgard Nine was the volume leader with 19.36 million shares gaining Rs0.56 to finish at Rs6.58. It was followed by Jahangir Siddiqui and Company with 15.6 million shares firming Rs0.61 to close at Rs8.12 and Bank of Punjab with 11.88 million shares rising Re1 to close at Rs6.15.
Published in The Express Tribune, May 26th, 2011.