Market Watch: Stock market consolidates in dull session

KSE’s benchmark 100-share index gains 38 points.


Express December 22, 2011

KARACHI: The stock market managed to close higher on Thursday amid dull activity in the backdrop of ongoing political uncertainty in the country.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.33 per cent or 37.55 points to end at 11,306.1 point level.

The benchmark index managed to climb due to decent recovery in share prices of fertiliser stocks, said Topline Securities equity dealer Samar Iqbal.

News reports of increase in urea bag prices provided relief to worried investors as gas curtailment and increase in feed gas cost have altered the industry dynamics.

Fertiliser stocks were the top three highest traded at the bourse following Engro Corporation’s decision to raise urea prices by Rs100 per bag on Wednesday. Engro Corporation was the volume leader with 5.15 million shares gaining Rs4.33 to finish at Rs98.54. It was followed by Fatima Fertilizer Company with 3.35 million shares firming Rs0.35 to close at Rs23.17 and Fauji Fertilizer Bin Qasim with 2.38 million shares increasing Rs1.92 to close at Rs154.35.

Trade volumes fell to paltry level of 33 million shares compared with Wednesday’s tally of 47 million shares.

In the last 30 minutes of trading, rumours of the American lobby apologising for the Nato attack proved to be positive for local institutions and individuals, said analysts.

Oil stocks remained depressed with low volumes as participants avoided to take positions on no short-term triggers to aid long trades, despite gains in international crude, added analysts.

Foreign institutional investors were gross buyers of Rs67 million and sellers of Rs78 million worth of shares, much less than the usual level.

The value of shares traded during the day was Rs1.71 billion.

Published in The Express Tribune, December 23rd, 2011.

 

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