KARACHI: The stock market’s upward momentum continued on Wednesday amid better volumes as local institutions were active during the trading session.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.29 per cent or 32.59 points to end at the 11,297.02 point level.
Pakistan State Oil (PSO) and Fauji Fertilizer Bin Qasim triggered the improvement the sentiment at the Karachi Stock Exchange, said Topline Securities equity dealer Samar Iqbal. The country’s largest oil marketing company PSO’s stock hit its upper limit of the day over market rumours of institutional and foreign fund buying along with talks of temporary relief in the circular debt soon.
Foreign institutional investors were net buyers of Rs224 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
The Fauji twins, Fauji Fertilizer Company and Fauji Fertilizer Bin Qasim rose 1.47% and 4.03% on local buying.
Trade volumes increased more than three-fold to 75.7 million shares compared with Tuesday’s despondent tally of 22 million shares. Banking stocks remained under pressure waning off previous day’s National Bank of Pakistan gains as concerns of rising non-performing loans in the sector returned to haunt investors, said Elixir Securities equity dealer Nazim Abdul Muttalib. The market is expected to remain range bound as participants are desperately looking for triggers, added Muttalib. Pakistan Oilfields captured some investor interest following its financial year announcement and gained 0.5% to close at Rs365.48.
The value of shares traded during the day was Rs3.11 billion.
Lotte Pakistan PTA was the volume leader with 14.8 million shares but declined Rs0.5 to finish at Rs12.78 after its share price rallied in the last few sessions. It was followed by Fauji Fertiliser Bin Qasim with 8.43 million shares gaining Rs2 to close at Rs51.67 and F.Credit and Inv with 5.59 million shares firming Re1 to close at Rs5.15.
Published in The Express Tribune, September 15th, 2011.
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