Market watch: Bourse firms as activity picks up

KSE’s benchmark 100-share index gains 19 points.

KARACHI: The stock market continued its upward trend and rose 19 points on continued local institutional support amid healthy activity.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.16 per cent to end at 11,348.42 point level.

Pakistan State Oil gained 1.7% over news that the finance ministry will borrow Rs100 billion from commercial banks to help settle the circular debt, said JS Global Capital analyst Jawad Khan.

Trade volumes rose to 90.9 million shares compared with Wednesday’s tally of 86 million shares.

Pakistan Oilfields once again remained in the limelight and jumped 1.9% over expectations of an announcement of healthy earnings in its board meeting scheduled on September 11.

Index heavyweight Oil & Gas Development Company remained depressed and fell by 1.6% on possible foreign selling, analysts said. Foreign institutional investors were net sellers of Rs18.7 million worth of shares during the trading session, according to data maintained by the National Clearing Company of Pakistan. Hub Power Company rose 0.5% to close at Rs39.97 as better than expected payout along with fiscal 2011 earnings raised investor interest.

Pre-result buying was witnessed in Attock Group stocks amid hopes of healthy earnings and handsome payouts. Attock Refinery rose Rs4.58 to close at Rs123.73.

Shares of 339 companies were traded on Thursday. At the end of the day 146 stocks closed higher, 91 declined while 102 remained unchanged. The value of shares traded during the day was Rs4.25 billion.

Lotte Pakistan PTA was the volume leader with 10.34 million shares gaining Rs0.39 to finish at Rs12.43. It was followed by National Bank of Pakistan with 9.02 million shares firming Rs1.11 to close at Rs43.83 and Fatima Fertiliser Company with 7.25 million jumping Rs0.2 to close at Rs17.3.

Published in The Express Tribune, September 9^th,  2011.