The stock market gained on the last trading session of the week with the fertiliser sector leading the way.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.65 per cent or 79.19 points to end at 12,346.52 point level.
Fauji Fertiliser Company (FFC) jumped 3.9% as analysts expect a Rs2 per share positive impact following the price hikes in 2011. FFC stands to be the biggest beneficiary if the company follows Engro’s urea price hike of Rs145 per bag.
Engro on the other hand fell 2.9% over further gas curtailment to its new plant and a slight under-subscription of Engro Foods, said JS Global Capital analyst Jawad Khan.
Trade volumes more than doubled to 69 million shares compared with Thursday’s tally of 25 million shares as the city violence calmed down slightly.
Pakistan Oilfields was the star performer among exploration and production companies, jumping 0.9% over expectations of a hefty full year payout.
Shares of 342 companies were traded on the last trading of the week. At the end of the day 126 stocks closed higher, 113 declined while 103 remained unchanged. The value of shares traded during the day was Rs3.59 billion.
Pakistan Telecommunic-ation Company Limited was the volume leader with 11.4 million shares declining Rs0.3 to finish at Rs13.08. It was followed by Fauji Fertiliser Bin Qasim with 8.89 million shares gaining Rs1.42 to close at Rs47.01 and Jahangir Siddiqui and Company with 7.72 million shares firming Rs0.09 to close at Rs7.45.
Foreign institutional investors were net buyers of Rs40 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, July 16th, 2011.