Market Watch: Bourse rises marginally amid dismal volumes
KSE’s benchmark 100-share index gains 23 points.
The stock market closed marginally higher on Wednesday with index heavyweights Oil and Gas Development Company and Fauji Fertilizer Company leading the way.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.2 per cent or 22.97 points to end at 11,300.99 point level.
Weakening currency and slowdown in remittances growth brings macro concerns back in focus, however, it was worth noting that oil and gas exploration industry and power producers stand to gain from a weaker rupee, added Bilwani.
The current political noise and rift in US-Pak relationship also kept the market dull, analysts said.
Trade volumes fell 15% to paltry level of 35 million shares compared with Tuesday’s tally of 41 million shares.
Fauji Fertilizer Company jumped 3% on rumours of increase in fertiliser urea prices.
Banking stocks National Bank of Pakistan and MCB Bank fell 2.1% and 1.5%, respectively, on reports of foreign selling, added Bilwani.
Foreign institutional investors were buyers of 141 million and sellers of 366 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Nishat Mills rose 3.3% as the stock was included again in KMI-30 index, benchmark for Shariah compliant investments. Shares of 305 companies were traded on Wednesday. At the end of the day 106 stocks closed higher, 102 declined while 97 remained unchanged. The value of shares traded during the day was Rs1.97 billion.
Engro Corporation was the volume leader with 3.71 million shares declining Rs1.06 to finish at Rs104.03. It was followed by Fatima Fertilizer with 3.26 million shares losing Rs0.3 to close at Rs22.1 and National Bank of Pakistan with 2.28 million shares falling Rs0.87 to close at Rs40.49.
Published in The Express Tribune, December 15th, 2011.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.2 per cent or 22.97 points to end at 11,300.99 point level.
Weakening currency and slowdown in remittances growth brings macro concerns back in focus, however, it was worth noting that oil and gas exploration industry and power producers stand to gain from a weaker rupee, added Bilwani.
The current political noise and rift in US-Pak relationship also kept the market dull, analysts said.
Trade volumes fell 15% to paltry level of 35 million shares compared with Tuesday’s tally of 41 million shares.
Fauji Fertilizer Company jumped 3% on rumours of increase in fertiliser urea prices.
Banking stocks National Bank of Pakistan and MCB Bank fell 2.1% and 1.5%, respectively, on reports of foreign selling, added Bilwani.
Foreign institutional investors were buyers of 141 million and sellers of 366 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Nishat Mills rose 3.3% as the stock was included again in KMI-30 index, benchmark for Shariah compliant investments. Shares of 305 companies were traded on Wednesday. At the end of the day 106 stocks closed higher, 102 declined while 97 remained unchanged. The value of shares traded during the day was Rs1.97 billion.
Engro Corporation was the volume leader with 3.71 million shares declining Rs1.06 to finish at Rs104.03. It was followed by Fatima Fertilizer with 3.26 million shares losing Rs0.3 to close at Rs22.1 and National Bank of Pakistan with 2.28 million shares falling Rs0.87 to close at Rs40.49.
Published in The Express Tribune, December 15th, 2011.