Market Watch: OGDC leads the bourse upwards

KSE’s benchmark 100-share index gains 72 points.

KARACHI: The market juggernaut Oil and Gas Development Company, the highest weighted stock, led the bourse upwards on the last trading session of the week.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.63 per cent or 72.04 points to end at 11,464.61 point level on Friday.

Oil and Gas Development Company (OGDC) jumped 2.6% after weekly numbers showed recovery in oil production from Mela field by 25% to 5,200 barrels per day and gas production from Qadirpur stabilising above the 500 million cubic feet per day mark, said JS Global Capital analyst Jawad Khan.

However, Pakistan Petro­leum Limited – another oil and gas exploration company – remained under selling pressure as the stock fell Rs1.33 to close at Rs169.91.

Engro Corporation received massive battering and closed at its lower limit of the day after the company announced that its new fertiliser plant was shut down late last night after Sui Northern Gas Pipelines Limited discontinued gas supply to the plant, said Khan. Fauji Fertilizer Company, highest traded scrip of the day, on the other hand advanced 2.2% as investors anticipate another
price increase of fertiliser by Engro in response to gas
unavailability, added Khan.

Overall market volumes were relatively better than recent weeks, however, interest was witnessed in selective stocks mainly the fertiliser and oil sector, according to equity dealers. Trade volumes fell to 43 million shares compared with Thursday’s tally of 50 million shares.

Foreign institutional investors were buyers of Rs131 million and sellers of Rs153 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 299 companies were traded on Friday. At the end of the day 101 stocks closed higher, 102 declined while 96 remained unchanged. The value of shares traded during the day was Rs2.47 billion.

Fatima Fertilizer was the volume leader with 11.3 million shares gaining Rs0.43 to finish at Rs23.57. It was followed by Fauji Fertilizer Company with 3.85 million shares firming Rs3.37 to close at Rs158.83 and Fauji Fertilizer Bin Qasim Spot with 3.31 million shares increasing Rs0.34 to close at Rs52.78.

Published in The Express Tribune, December 10^th, 2011.