Market Watch: Volumes rocket to six-year high
KSE’s benchmark 100-share index gains 81 points.
KARACHI:
The stock market ended the week in style as trading activity surged to a phenomenal six-year high with second and third tier stocks dominating the session.
Major activity was witnessed in low priced stocks, as NIB Bank, TRG, Fauji Cement, Lafarge Pakistan Cement and Fatima Fertilizer made 40% of the total volumes, said Topline Securities equity dealer Samar Iqbal. Trade volumes surged a massive 74% to 552.8 million shares compared with Thursday’s two-year high of 318.6 million shares.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.61 per cent or 81.35 points to end at the 13,352.74 point level.
Handsome payouts during the result season kept investor interest high in the banking sector, added Iqbal. Among major banking stocks,
MCB Bank and United Bank gained 3.1% and 2.4%, respectively.
Foreign institutional investors were net buyers of Rs250 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Fertiliser stocks once again proved their value by capturing decent volumes. Fatima Fertilizer gained 1.5% as participants bet on a cash payout of Rs1.25 per share when the fertiliser manufacturer announces its result on Monday.
Among other fertiliser companies, some buying interest was observed in Engro Corporation that gained 0.7% during the day.
Shares of 368 companies were traded on Friday. At the end of the day 205 stocks closed higher, 108 declined while 55 remained unchanged. The value of shares traded during the day was Rs7.1 billion.
NIB Bank was the volume leader with 86.6 million shares gaining Rs0.96 to finish at Rs2.85. It was followed by Jahangir Siddiqui and Company with 44.9 million shares firming Rs0.97 to close at Rs3.62 and Fauji Cement with 34.7 million shares increasing Rs0.03 to close at Rs5.52.
Published in The Express Tribune, March 10th, 2012.
The stock market ended the week in style as trading activity surged to a phenomenal six-year high with second and third tier stocks dominating the session.
Major activity was witnessed in low priced stocks, as NIB Bank, TRG, Fauji Cement, Lafarge Pakistan Cement and Fatima Fertilizer made 40% of the total volumes, said Topline Securities equity dealer Samar Iqbal. Trade volumes surged a massive 74% to 552.8 million shares compared with Thursday’s two-year high of 318.6 million shares.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.61 per cent or 81.35 points to end at the 13,352.74 point level.
Handsome payouts during the result season kept investor interest high in the banking sector, added Iqbal. Among major banking stocks,
MCB Bank and United Bank gained 3.1% and 2.4%, respectively.
Foreign institutional investors were net buyers of Rs250 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Fertiliser stocks once again proved their value by capturing decent volumes. Fatima Fertilizer gained 1.5% as participants bet on a cash payout of Rs1.25 per share when the fertiliser manufacturer announces its result on Monday.
Among other fertiliser companies, some buying interest was observed in Engro Corporation that gained 0.7% during the day.
Shares of 368 companies were traded on Friday. At the end of the day 205 stocks closed higher, 108 declined while 55 remained unchanged. The value of shares traded during the day was Rs7.1 billion.
NIB Bank was the volume leader with 86.6 million shares gaining Rs0.96 to finish at Rs2.85. It was followed by Jahangir Siddiqui and Company with 44.9 million shares firming Rs0.97 to close at Rs3.62 and Fauji Cement with 34.7 million shares increasing Rs0.03 to close at Rs5.52.
Published in The Express Tribune, March 10th, 2012.