Market watch: Bourse starts week on a positive note

KSE’s benchmark 100-share index gains 88 points.


Our Correspondent June 18, 2012

KARACHI: The stock market witnessed gains in the first trading session of the week amid low participation.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 0.65 per cent or 88.33 points to end at the 13,754.13 point level.

It seemed investors opted for a longer weekend, however, Topline Securities cited end of the financial year as the reason for the low participation. Trade volumes fell to 80 million shares compared with Friday’s tally of 109 million shares.

Sentiments were dampened by news flow of gas curtailment to Engro’s Enven plant as gas supply is being redirected to energy production as electricity shortfall reaches 8,500MW.

“This led to buying interest being seen in Fauji Fertilizer Company as a hedge against further curtailment of gas to Engro and chances of prices further being hiked by Engro,” said JS Global Capital analyst Shakir Padela. The group’s associated unit Fauji Fertilizer Bin Qasim was the second highest traded share with 5.9 million shares while FFC witnessed 1.7 million shares exchanging hands.

Foreign institutional investors were buyers of Rs210 million and sellers of Rs420 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 338 companies were traded on Monday. At the end of the day 140 stocks closed higher, 123 declined while 75 remained unchanged. The value of shares traded during the day was Rs3.05 billion.

Jahangir Siddiqui and Company was the volume leader with 10.5 million shares declining Rs0.8 to finish at Rs13.4. It was followed by Fauji Fertilizer Bin Qasim with 5.9 million shares firming Rs0.83 to close at Rs41.63 and Engro Foods with 4.9 million shares increasing Rs2.74 to close at Rs67.92.

Published in The Express Tribune, June 19th, 2012.

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