Market watch: Stock market keeps worries away

KSE’s benchmark 100-share index gains 38 points.

KARACHI: The stock market closed in the black on Wednesday as investors remained cautious amid foreigners pulling out $13 million in the previous two days.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.27 per cent or 37.50 points to end at the 13,745.73 point level.

Concerns over Pak-US relations, rupee devaluation and the upcoming monetary policy also dampened investor sentiments, said JS Global Capital analyst Mujtaba Barakzai.

Trade volumes fell 78 million shares compared with Tuesday’s tally of 67 million shares.

Engro Corporation managed to break the ice as whispers of gas restoration to its new plant brought it fresh money along with talks of foreigners buying its shares.

Foreign institutional investors were buyers of Rs204 million and sellers of Rs238 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Meanwhile, major stocks in financial and oil sector held along recent lows.

Cement stocks traded in a narrow range although DG Khan Cement closed marginally negative after decline in sales by 8% on a yearly basis pushed away buyers.

Shares of 354 companies were traded on Wednesday. At the end of the day 117 stocks closed higher, 156 declined while 81 remained unchanged. The value of shares traded during the day was Rs3.40 billion.

Jahangir Siddiqui and Company was the volume leader with 8.76 million shares declining Rs0.74 to finish at Rs13.90. The volume leader closed at its lower circuit as rumours of bad quarterly results wiped off past quarterly gains.

It was followed by DG Khan Cement on the volumes leaders list with 8.36 million shares falling Rs0.23 to close at Rs41.08 and Engro Corporation with 8.13 million shares increasing Rs4.15 to close at Rs111.34.

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