Market Watch: Investor interest picks up at bourse

KSE’s benchmark 100-share index gains 95 points.

KARACHI: The stock market finally ended the dull phase that marred trading for two weeks as investors got into the act and bought stocks on Thursday.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.82 per cent or 95.44 points to end at the 11,729.41 point level.

Local institutional support in oil and fertiliser stocks led the way with healthy volumes, said Topline Securities equity dealer Samar Iqbal.

Oil and Gas Development Company alone contributed 45 points in the total gain, added Iqbal.

Fauji Fertilizer Company led the show after the government increased wheat support price for new crop by Rs100 to Rs1,050 per 410 kg, said Elixir Securities equity dealer Nazim Abdul Muttalib. The scrip gained Rs0.46 to end at Rs23.03.

Announcement of Sherry Rehman as Pakistan’s Ambassador to the United States after resignation of former ambassador helped reduce political noise in the country, said analysts.

Trade volumes gained to 51 million shares compared with Wednesday’s tally of 34 million shares.

MCB Bank fell on talks of foreign selling as it continues it’s recent under performance trail.

Bank Alfalah was the volume leader with 8.07 million shares gaining Rs0.04 to finish at Rs11.99. It was followed by Fauji Fertilizer Bin Qasim with 5.89 million shares firming Rs1.34 to close at Rs58.49 and Jahangir Siddiqui and Company with 3.41 shares increasing Rs0.14 to close at Rs5.54.

Foreign institutional investors were net sellers of Rs128 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 25^th, 2011.