Market watch : Stock market continues upward trend

KSE benchmark 100-share index jumps 99 points.

Express August 24, 2011

KARACHI: The stock market continued its upward trend on Wednesday amid increased investor interest.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 0.91 per cent or 98.82 points to end at 10,941.08 point level.

Net buying from foreign investors on Tuesday after six sessions lifted local investors’ sentiments with increased activity in the oil and fertiliser sectors, said Topline Securities Equity Dealer Samar Iqbal.

Heavyweight Oil and Gas Development Company alone contributed 71 points in the total gain, added Iqbal.

However, foreign institutional investors (FII) net sellers of Rs152 million worth of shares during trade on Wednesday, according to data maintained by the National Clearing Company of Pakistan Limited.

Banking stocks continued to slide as National Bank of Pakistan and MCB Bank closed in the red as late selling on rumours of FII selling in the sector put local flows on hold, analysts said.

Volumes continued to remain on the lower side as most of the activity was witnessed by day jobbers, said analysts. Trade volumes gained but still at dismal level 40 million shares compared with Tuesday’s tally of 22 million shares.

Fatima Fertilizer stock price fell as the company announced loss per share of Rs0.06 in its half yearly result.

Activity in dividend yielding stocks is expected to be in the limelight, added Iqbal.

National Bank of Pakistan was the volume leader with 4.78 million shares declining Rs0.1 to finish at Rs39.85. It was followed by Lucky Cement with 2.63 million shares losing Rs0.25 to close at Rs70.75 and Fatima Fertilizer with 2.37 shares falling Rs0.12 to close at Rs16.15.

Shares of 314 companies were traded on Wednesday. At the end of the day 118 stocks closed higher, 93 declined while 103 remained unchanged. The value of shares traded during the day was Rs2.28 billion.

Published in The Express Tribune, August 25th,  2011.

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