KARACHI:
The stock market managed to close in the black on Wednesday after late profit taking was covered by rise in index heavyweight Oil and Gas Development Company.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.42 per cent or 52.3 points to end at 12,367.29 point level.
The benchmark successfully avoided any major decline as participants were active in sector swapping, said Aziz Fidahusein and Company Research Head Hasnain Asghar Ali.
OGDC contributed 40 points to the total index rise, according to Topline Securities.
Scarcity of fertiliser in Punjab invited investors to build fresh position in fertiliser stocks, mainly in those offering decent yields and away from the wrath of gas curtailment, added Ali.
Fatima Fertiliser led the pack by rallying 4.4 per cent amid rumours of production start of one of its products. Fauji Fertiliser Company also ended the day up 1.7 per cent. Fatilma Fertiliser was the volume leader with 40 million shares.
It was followed by Bank of Punjab with 11.55 million shares gaining Rs0.8 to close at Rs7.25 and Lotte Pakistan PTA with 11.24 shares firming Rs0.16 to close at Rs15.29.
Volumes improved as investor confidence revived owing to positive triggers in oil and fertiliser stocks.
Trade volumes surged to 151 million shares compared with Tuesday’s tally of 100 million shares.
Pakistan Oilfields profit taking closed down one per cent after rallying more than six per cent in the last two days.
Shares of 358 companies were traded on Wednesday. At the end of the day 141 stocks closed higher, 117 declined while 100 remained unchanged. The value of shares traded during the day was Rs5.31 billion.
Published in The Express Tribune, June 9th, 2011.
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