Market watch: Bourse recovers lost ground

KSE’s benchmark 100-share index jumps 100 points.


Our Correspondent May 09, 2012

KARACHI: The country’s main stock index recovered lost ground and gained 100 points led by fertiliser stocks.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.69 per cent or 99.63 points to end at the 14,613.59 point level on Wednesday to make up for the fall of 104 points on Tuesday.

Fatima Fertilizer and Engro Corporation surged to their upper limit of the day on reports of foreign institutional buying. Foreign institutional investors were buyers of Rs721 million and sellers of Rs1.05 billion worth of shares, according to National Clearing Company of Pakistan Limited.

Fatima Fertilizer in its investor conference call highlighted that fertiliser sales have picked up in April and the trend of urea sales is expected to improve going forward, said Elixir Securities equity dealer Nazim Abdul Muttalib.

Hub Power Company edged up 2.4% after the company finally dispatched its dividends announced with half yearly results which were suspended after tax authorities froze company accounts.

Trade volumes surged to 319 million shares compared with Tuesday’s tally of 226 million shares.

Pakistan Telecommunication Company Limited (PTCL) was the volume leader for the fifth straight session amid reports of an upcoming dividend and reports of establishment of an International Clearing House. ICH will make the telecom giant the sole gateway for all international incoming calls against the current practice of being handled by 14 Long Distance International operators.

PTCL with 47.26 million shares rose Rs0.15 to close at Rs16.20. It was followed by Lotte Pakistan PTA in the volume leaders list with 38.61 million shares firming Rs0.82 to close at Rs9.94 and DG Khan Cement with 25.25 million shares increasing Rs0.38 to close at Rs46.22. Pakistan State Oil performed during the first half as the stock has rallied up by 3.7% on rumours of injection of money by the government to handle the circular debt issue and avoid problems during the election year. The value of shares traded during the day was Rs9.99 billion.

Published in The Express Tribune, May 10th, 2012.

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