The stock market’s four-day downward trend ended on Wednesday on the back of activity in the fertiliser sector and Nestle.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.58 per cent or 70.74 points to end at 12,262.52 point level.
Nestle closed at its upper limit during the session following continuous sell off witnessed last week. The consumer goods giant contributed 37 points in the total index gain with turnover of only 191 shares, said Topline Securities equity dealer Samar Iqbal.
Trade volumes gained to 42 million shares compared with Tuesday’s tally of 32 million shares.
Investor sentiments remained thin due to the uncertain political condition relating Pakistan Peoples Party and Muttahida Qaumi Movement, said analysts.
Amongst fertiliser stocks, Fauji Fertiliser Bin Qasim Limited (FFBL) once again remained in the limelight as the company is expected to announce healthy first half results along with a hefty dividend payout.
FFBL was the volume leader with 7.41 million shares gaining Rs1.04 to finish at Rs45.46. It was followed by Jahangir Siddiqui and Company with 4.58 million shares gaining Rs0.04 to close at Rs7.39 and Bank of Punjab with 4.53 million shares firming Rs0.07 to close at Rs6.68. National Refinery was one of the key gainers as healthy result expectation boosted investor interest.
“It seems investors will focus on the June ending results which will be announced in the coming few weeks,” added Iqbal. Shares of 330 companies were traded on Wednesday. At the end of the day 137 stocks closed higher, 98 declined while 95 remained unchanged. The value of shares traded during the day was Rs1.95 billion.
Published in The Express Tribune, July 14th, 2011.