Market goes up ahead of KSE board meeting
The stock market ended on a positive note with the KSE-100 gaining 67.18 points to end at 10,296.
The stock market ended on a positive note with the KSE-100 gaining 67.18 points to end at 10,296. Equity turnover increased marginally to 67 million shares on Friday as compared with 60 million shares on Thursday.
“The week ended on a positive note as investors welcomed the upcoming KSE board meeting and major activity was seen in second session when investors took position in index heavyweight Oil and Gas Development Company (OGDC),” said Topline Securities’ equity dealer, Samar Iqbal.
Volume registered severe fluctuations in the second half of the trading session, particularly in OGDC which stood as a volume leader. Its stock price went up by Rs2.96 based on investors anticipating continued foreign interest in the scrip.
“Rumours have been circulating in the market that OGDC may be acquiring British Petroleum‘s stake in Pakistan,” said JS Global Capital’s analyst, Arsalan Khan.
“Once again it was the E&P giant, OGDC that saw almost 90% of the volume changing hands with talk of foreign funds trading amongst themselves and later widespread speculation that local funds sold and Foreign Institutional Investors (FII) bought,” said Elixir Securities’ analyst, Sara Shahid.
OGDC stock touched an intra-day high of Rs151.89 with talk that the crossing was made at Rs152 per share; an all-time high for a stock in demand from foreign funds.
The rest of the stocks witnessed rather dull activity except for usual heavyweights like Fauji Fertilizer Bin Qasim stock going up ahead of their second quarter financial results for the current year. It was the third highest volume leader with 4.2 million shares traded. Its stock price went up by Rs1.01 to end at Rs29.74.
Banking sector remained strong through the day with financial results for the first half of the year due soon. MCB Bank and United Bank’s results are due next week.
Next week brings the commencement of corporate results. The important corporate results due next week along with the launch of margin trading system by the middle of August were significant triggers for the market.
The other noticeable stocks were MCB and APL which closed in the green with decent volumes of 1.2 million and 0.5 million shares respectively, furthermore, higher than expected earnings and dividend brought FFBL into the limelight. Of the 397 actively traded stocks; 206 advanced, 168 declined while 23 remained unchanged. The value of the stocks traded today was Rs3.7 billion.
JS & Co was the second volume leader with 6.09 million shares traded. Its stock price went down by Rs0.08 to end at Rs15.05.
Published in The Express Tribune, July 24th, 2010.
“The week ended on a positive note as investors welcomed the upcoming KSE board meeting and major activity was seen in second session when investors took position in index heavyweight Oil and Gas Development Company (OGDC),” said Topline Securities’ equity dealer, Samar Iqbal.
Volume registered severe fluctuations in the second half of the trading session, particularly in OGDC which stood as a volume leader. Its stock price went up by Rs2.96 based on investors anticipating continued foreign interest in the scrip.
“Rumours have been circulating in the market that OGDC may be acquiring British Petroleum‘s stake in Pakistan,” said JS Global Capital’s analyst, Arsalan Khan.
“Once again it was the E&P giant, OGDC that saw almost 90% of the volume changing hands with talk of foreign funds trading amongst themselves and later widespread speculation that local funds sold and Foreign Institutional Investors (FII) bought,” said Elixir Securities’ analyst, Sara Shahid.
OGDC stock touched an intra-day high of Rs151.89 with talk that the crossing was made at Rs152 per share; an all-time high for a stock in demand from foreign funds.
The rest of the stocks witnessed rather dull activity except for usual heavyweights like Fauji Fertilizer Bin Qasim stock going up ahead of their second quarter financial results for the current year. It was the third highest volume leader with 4.2 million shares traded. Its stock price went up by Rs1.01 to end at Rs29.74.
Banking sector remained strong through the day with financial results for the first half of the year due soon. MCB Bank and United Bank’s results are due next week.
Next week brings the commencement of corporate results. The important corporate results due next week along with the launch of margin trading system by the middle of August were significant triggers for the market.
The other noticeable stocks were MCB and APL which closed in the green with decent volumes of 1.2 million and 0.5 million shares respectively, furthermore, higher than expected earnings and dividend brought FFBL into the limelight. Of the 397 actively traded stocks; 206 advanced, 168 declined while 23 remained unchanged. The value of the stocks traded today was Rs3.7 billion.
JS & Co was the second volume leader with 6.09 million shares traded. Its stock price went down by Rs0.08 to end at Rs15.05.
Published in The Express Tribune, July 24th, 2010.