The stock market witnessed healthy activity on Wednesday amid higher volumes.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.47 per cent or 55.66 points to end at the 11,930.55 point level.
Relaxation in margin trading rules acted as a catalyst at the index, said Topline Securities Equity Dealer Samar Iqbal.
Although Attock Refinery and Attock Petroleum results were slightly better than expectations, investors preferred to book profit in these two stocks, added Iqbal.
Attock Refinery profit surged 56% to Rs2.32 billion while Attock Petroleum’s bottom-line jumped 28% to Rs2.22 billion in the first half of fiscal 2012.
Trade volumes gained to 93.4 million shares compared with Tuesday’s tally of 67 million shares.
Shares of 311 companies were traded on Wednesday. At the end of the day 131 stocks closed higher, 100 declined while 80 remained unchanged. The value of shares traded during the day was Rs737 million.
Jahangir Siddiqui and Company was the volume leader with 19.2 million shares gaining Rs0.91 to finish at Rs6.48. It was followed by Meezan Balanced with 7.41 million shares firming Rs0.13 to close at Rs9.13 and DG Khan Cement with 7.34 shares increasing Rs0.16 to close at Rs23.35.
Investors interest was also seen in closed end funds as few of them announced their intention to hold meeting this year to consider opening of their funds, further said Iqbal.
Foreign institutional investors were buyers of Rs186 million and sellers of Rs217 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 2nd, 2012.
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