Market Watch: Bourse crawls up amid healthy volumes

Index gains 12 points despite being up 100 points in early trade


Our Correspondent February 14, 2012

KARACHI: The stock market closed slightly higher on Tuesday despite being up around 100 points in early trade before investors opted to sell.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.1 per cent or 11.85 points to end at the 12,261.85 point level.

Oil stocks continued to remain out of favour which was evident from dismal volumes while second tier stocks dominated proceedings.

National Bank of Pakistan showed some initial promise but received massive battering to close flat.

Fertiliser stocks witnessed decent volumes and remained highly sought as Fauji Fertilizer Company and Engro Corporation rose 0.6% and 14.3%, respectively.

Trade volumes gained to 148 million shares compared with Monday’s tally of 116 million shares.

Engro Foods closed at its lower limit of 5% for the second consecutive session as the stock declines after surging 66% in 2012 so far, said Elixir Securities equity dealer Faisal Bilwani.

As expected, financials primarily smaller banks remained in the limelight as investors bet on healthier results, added Bilwani.

Allied Bank posted healthy earnings that grew by 23% to earnings per share of Rs11.79 with a cash payout of Rs5 per share and 10% stock dividend.  The stock price rose Rs0.39 to close at Rs61.02 during the trading session.

Jahangir Siddiqui and Company was the volume leader with 26.14 million shares gaining Rs0.05 to finish at Rs8.52. It was followed by Azgard Nine with 12.65 million shares declining Rs0.20 to close at Rs5.73 and Cherat Cement with 8.01 million shares firming Rs0.44 to close at Rs13.23.

Foreign institutional investors were buyers of Rs50 million and sellers of Rs109 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, February 15th, 2012.

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