Market watch: Stock market gears up for result season
KSE’s benchmark 100-share index gains 21 points.
KARACHI:
The stock market rose marginally on the last trading session of the week ahead of the results season scheduled to start on Monday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.18 per cent or 21.8 points to end at 11,988.09 point level.
Fertiliser stocks continued to shine amid hopes of above expectations earnings and healthy payout in the upcoming result season, said Topline Securities Equity Dealer Samar Iqbal.
Renewed buying interest in Attock group stocks was also seen on the back of their result announcements early next week, added Iqbal. Attock Petroleum rose 3% while Pakistan Oilfields gained 1.6%.
Attock group of companies and Habib Bank are scheduled to start the result season on Monday.
Trade volumes gained slightly to 92.2 million shares compared with Thursday’s tally of 91.7 million shares.
National Bank of Pakistan continued to remain under pressure and fell 3.1% despite clarification from the bank that none of its executives are on the exit control list, said JS Global Capital Umer Ayaz.
Hub Power Company was also down 3.4% after news reports suggesting that one of the sponsors is seeking to exit its investment from the company, added Ayaz.
Foreign institutional investors were net buyers of Rs107 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Furthermore, Mari Gas opened at upper lock on the news that the company has made a sizeable oil discovery of 1,700 barrels per day in Hailani well in Karak Block, Khyber-Pakhtunkhwa.
Shares of 355 companies were traded on Friday. At the end of the day 118 stocks closed higher, 133 declined while 104 remained unchanged. The value of shares traded during the day was Rs4.62 billion.
Fauji Fertilizer Bin Qasim was the volume leader with 14.3 million shares gaining Rs1.38 to finish at Rs63.6. It was followed by Fatima Fertilizer Company with 11.8 million shares firming Rs0.77 to close at Rs22.76 and Hub Power Company with 7.69 million shares losing Rs1.32 to close at Rs40.31.
Published in The Express Tribune, October 15th, 2011.
The stock market rose marginally on the last trading session of the week ahead of the results season scheduled to start on Monday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.18 per cent or 21.8 points to end at 11,988.09 point level.
Fertiliser stocks continued to shine amid hopes of above expectations earnings and healthy payout in the upcoming result season, said Topline Securities Equity Dealer Samar Iqbal.
Renewed buying interest in Attock group stocks was also seen on the back of their result announcements early next week, added Iqbal. Attock Petroleum rose 3% while Pakistan Oilfields gained 1.6%.
Attock group of companies and Habib Bank are scheduled to start the result season on Monday.
Trade volumes gained slightly to 92.2 million shares compared with Thursday’s tally of 91.7 million shares.
National Bank of Pakistan continued to remain under pressure and fell 3.1% despite clarification from the bank that none of its executives are on the exit control list, said JS Global Capital Umer Ayaz.
Hub Power Company was also down 3.4% after news reports suggesting that one of the sponsors is seeking to exit its investment from the company, added Ayaz.
Foreign institutional investors were net buyers of Rs107 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Furthermore, Mari Gas opened at upper lock on the news that the company has made a sizeable oil discovery of 1,700 barrels per day in Hailani well in Karak Block, Khyber-Pakhtunkhwa.
Shares of 355 companies were traded on Friday. At the end of the day 118 stocks closed higher, 133 declined while 104 remained unchanged. The value of shares traded during the day was Rs4.62 billion.
Fauji Fertilizer Bin Qasim was the volume leader with 14.3 million shares gaining Rs1.38 to finish at Rs63.6. It was followed by Fatima Fertilizer Company with 11.8 million shares firming Rs0.77 to close at Rs22.76 and Hub Power Company with 7.69 million shares losing Rs1.32 to close at Rs40.31.
Published in The Express Tribune, October 15th, 2011.