Market Watch: Stock market touches 14,000-point level

KSE’s benchmark 100-share index gains 44 points.

KARACHI:

The stock market hovered above the 14,000-point level but failed to sustain those levels as the benchmark index fell 145 points in the final 90 minutes.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.32% or 44.06 points to end at the 13,875.53 point level on Friday.

Cement stocks remained in the limelight on the back of reports that World Bank will provide $850 million for the fourth Tarbela extension project, reigniting hopes of increased cement demand over next four years, and expectations of healthy earnings, according to analysts. Lucky Cement jumped 4.6% while Dewan Cement remained the highest traded share.

Banking stocks remained subdued despite news that the government does not intend to increase income tax rates on banks. United Bank edged lower by 3.5%.

Trade volumes fell to 433 million shares compared with Thursday’s tally of 458 million shares.

Foreign institutional investors were buyers of Rs74 million and sellers of Rs169 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Oil and Gas Development Company witnessed decent volumes and a spike in price as media reported that the Economic Coordination Committee has approved low BTU gas pricing at $8.57 per Million British Thermal Unit (mmbtu), according to JS Global Capital.

Shares of 363 companies were traded on Friday. At the end of the day 179 stocks closed higher, 115 declined while 69 remained unchanged. The value of shares traded during the day was Rs7.44 billion.

Dewan Cement was the volume leader with 36.58 million shares gaining Rs0.98 to finish at Rs6.70. It was followed by WorldCall Telecom with 34.39 million shares firming Rs0.50 to close at Rs3.96 and Pace (Pak) with 34.11 million shares increasing Rs0.43 to close at Rs3.71.

Published in The Express Tribune, April 7^th, 2012.