The stock market continued the upward trend on Tuesday amid rumours of healthy foreign activity.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 1.4 per cent or 156.76 points to end at 11,319.15 point level.
National Clearing Company of Pakistan Limited data, released after the trading session, confirmed rumours as foreign institutional investors were net buyers of shares worth Rs150 million.
Recovery was witnessed across the board as locals warded off fears of global equity turmoil and cashed in on cheaper valuations carrying higher payouts, said Elixir Securities equity dealer Sibtain Mustafa.
National Bank of Pakistan hit its upper circuit breaker for the second day in a row over renewed buying interest from local institutions.
Among fertiliser stocks, Engro closed up 4.9%, right below the upper limit, over news that turnaround on Qadirpur gas field was completed in five days instead of 28 days and that gas supply to its plant has been resumed, said JS Global Capital analyst Jawad Khan.
Nishat Mills brought in fresh interest after the company announced its fiscal 2011 earnings that beat estimates. The news took the textile company’s stock to end at its upper limit of five per cent.
Pakistan Oilfields jumped 2.6% over expectations of healthy earnings and payout in its full year result scheduled to be announced on September 11, 2011.
Trade volumes picked up to 87 million shares compared with Monday’s tally of 74.2 million shares.
Shares of 365 companies were traded on Tuesday. At the end of the day 153 stocks closed higher, 91 declined while 121 remained unchanged. The value of shares traded during the day was Rs4 billion. NBP was the volume leader with 10.29 million shares surging Rs1.93 to to close at Rs40.69. It was followed by Nishat Power with 9 million shares declining Rs0.61 to close at Rs14.11 and Bank of Punjab with 8.22 million shares losing Rs0.68 to close at Rs6.18.
Published in The Express Tribune, September 7th, 2011.