KARACHI: The stock market closed marginally higher on Tuesday after oscillating in both directions during the trading session.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.2 per cent or 27.76 points to end at the 13,691.08 point level.
“Market moved in both directions as investors remained confused about the actual date of the approval for capital gain tax proposal,” said Topline Securities Equity Dealer Samar Iqbal. Banking shares witnessed mixed fortunes as National Bank of Pakistan and Bank Alfalah remained positive over expectations of better quarterly earnings.
NBP closed at the upper limit of the day, while Bank Alfalah jumped 4.5%. MCB Bank and United Bank witnessed mild pruning and closed down by 0.8% each. Trade volumes gained to 318 million shares compared with Monday’s tally of 315 million shares.
Lucky Cement was the better performer among cement stocks by advancing 1.2%, while DG Khan Cement witnessed profit taking to close down 0.8%.
Hub Power Company remained negative throughout the day and closed down 1.5% after it announced delay of Rs3 per share dividend payment which the company declared with its half-yearly results result. The largest independent power producer took the decision after the Federal Board of Revenue blocked its accounts over receivables to the tune of Rs3 billion in the shape of taxes and penalties.
Jahangir Siddiqui and Company was the volume leader with 56.78 million shares gaining Rs1.02 to finish at Rs21.71. It was followed by Azgard Nine with 26.80 million shares firming Rs0.97 to close at Rs9.28 and DG Khan Cement with 22.33 million shares declining Rs0.30 to close at Rs37.76.
Foreign institutional investors were buyers of Rs222.97 million and sellers of Rs174.74 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 4th, 2012.
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