Market watch: Stock market ends range-bound
KSE’s benchmark 100-share index crawls up 15 points.
KARACHI:
The stock market ended the last trading session of the week range-bound as investors prepared for the monetary policy announcement on Saturday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled up 0.13 per cent or 14.84 points to end at 11,853.84 points.
The State Bank of Pakistan is likely to cut its policy rate by up to 100 basis points in the monetary policy review because of lower inflation, according to analysts polled by Reuters.
Renewed buying interest was seen in DG Khan Cement after news that construction work at Basha Dam is expected to begin soon, said Topline Securities equity dealer Samar Iqbal. The cement giant’s stock rose Rs1.04 to close at Rs22.76.
Fertiliser stocks remained amongst the most active on the back of increasing international oil prices, added Iqbal.
Trade volumes rose to 70.4 million shares compared with Thursday’s tally of 62.8 million shares.
Shares of 367 companies were traded during the session. At the end of the day, 139 stocks closed higher, 118 declined and 110 remained unchanged. The value of shares traded during the day was Rs2.65 billion.
Pakistan Telecommunication Company Limited was the volume leader with 18.24 million shares as foreigners were reportedly buying the stock, according to Elixir Securities. The telecom giant’s stock rose Rs0.38 to finish at Rs11.7.
It was followed by DG Khan Cement with 6.05 million shares, firming Rs1.05 to close at Rs22.58 and Bank Alfalah with 4.78 million shares, increasing Rs0.21 to close at Rs11.51.
Foreign institutional investors were gross buyers of Rs45 million and sellers of Rs260 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 8th, 2011.
The stock market ended the last trading session of the week range-bound as investors prepared for the monetary policy announcement on Saturday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled up 0.13 per cent or 14.84 points to end at 11,853.84 points.
The State Bank of Pakistan is likely to cut its policy rate by up to 100 basis points in the monetary policy review because of lower inflation, according to analysts polled by Reuters.
Renewed buying interest was seen in DG Khan Cement after news that construction work at Basha Dam is expected to begin soon, said Topline Securities equity dealer Samar Iqbal. The cement giant’s stock rose Rs1.04 to close at Rs22.76.
Fertiliser stocks remained amongst the most active on the back of increasing international oil prices, added Iqbal.
Trade volumes rose to 70.4 million shares compared with Thursday’s tally of 62.8 million shares.
Shares of 367 companies were traded during the session. At the end of the day, 139 stocks closed higher, 118 declined and 110 remained unchanged. The value of shares traded during the day was Rs2.65 billion.
Pakistan Telecommunication Company Limited was the volume leader with 18.24 million shares as foreigners were reportedly buying the stock, according to Elixir Securities. The telecom giant’s stock rose Rs0.38 to finish at Rs11.7.
It was followed by DG Khan Cement with 6.05 million shares, firming Rs1.05 to close at Rs22.58 and Bank Alfalah with 4.78 million shares, increasing Rs0.21 to close at Rs11.51.
Foreign institutional investors were gross buyers of Rs45 million and sellers of Rs260 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 8th, 2011.