Market Watch: Bourse closes slightly higher amid heavy selling

KSE’s benchm­ark 100-share index gains 22 points.


Our Correspondent February 20, 2012

KARACHI: The stock market closed slightly higher on the first trading session of the week as investors were busy selling and booking profits.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.18 per cent or 22.22 points to end at the 12,517.90 point level on Monday.

Mid-cap stocks remained in the limelight as approximately half of all shares traded in the market were in five stocks namely Jahangir Siddiqui and Company, Azgard Nine, Fauji Cement, DG Khan Cement and Bank Alfalah, said Topline Securities equity dealer Samar Iqbal.

Trade volumes gained to 233 million shares compared with Friday’s tally of 233 million shares.

Pakistan State Oil gained 1.9% and witnessed some renewed buying interest from investors as the expectation of issuance of Term Finance Certificates brought back some confidence in the script.

Engro Corporation fell 1.9% corrected on profit taking after gaining 10% in the last two sessions while MCB Bank decreased 0.8% ahead of earnings announcement scheduled for today (Tuesday).

Shares of 445 companies were traded on Monday. At the end of the day 140 stocks closed higher, 104 declined while 201 remained unchanged. The value of shares traded during the day was Rs4.63 billion.

Foreign institutional investors were buyers of Rs66 million and sellers of Rs87 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Jahangir Siddiqui and Company was the volume leader with 38.08 million shares gaining Rs0.98 to finish at Rs10.39. It was followed by Azgard Nine with 24.31 million shares firming Rs0.95 to close at Rs6.72 and Fauji Cement with 21.59 million shares losing Rs0.68 to close at Rs4.11.

Published in The Express Tribune, February 21st, 2012.

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