Stocks up by 1.48 percent
The market bounced back on Tuesday, gaining 141 points after a drop of almost three per cent during trade on Monday.
KARACHI:
The market bounced back on Tuesday, gaining 141 points after a drop of almost three per cent during trade on Monday. Analysts explained that in addition to a technical reversal, positive sentiments were witnessed in the market because of a foreign institutional investor’s encouraging comments. The notification highlighting Agritech’s intended takeover also played a key role.
The Karachi Stock Exchange’s benchmark 100-shares index went up by about 1.48 per cent to close at 9,677.89 points.
“Initial excitement was largely on Mark Mobius’ positive comments on valuations, despite negatives, with key focus on the Oil and Gas Development Company (OGDC) and MCB Bank,” according to Fasial Bilwani from Elixir Securities.
Another analyst labelled the positive trend seen during the day as “OGDC-led” even though only about 0.82 million shares of the scrip were traded.
Furthermore, the notification expressing Fauji Fertiliser Company’s interest in acquiring up to 79.85 per cent of Agritech Limited (AGL) created excitement in the market. “The notification issued by Habib Bank Limited regarding the acquisition of Agritech will have a far reaching impact,” commented Faisal Shaji from Standard Capital Securities. Resultantly, the AGL stock hit the upper lock to close at Rs23.3
The stock of Azgard Nine, a company with a major shareholding in ANL, also shot up by Re1 to close at Rs10.02 per share.
Shares of 349 companies were traded on Tuesday. At the end of the day, 205 stocks closed higher while 126 declined and 18 remained unchanged. The value of the shares traded during the day was Rs1.78 billion.
Almost 10.3 million shares were traded in Arif Habib Securities on Tuesday, with the scrip emerging as the market leader. The stock of the company closed Rs0.46 higher at Rs26.25 per share. Jahangir Siddiqui and Company followed with a trade volume of 7.7 million shares. The company’s stock gained Rs0.95 or 9.39 per cent during the day’s trade to settle at Rs11.06 per share.
Lotte Pakistan PTA was the third volume leader with 5.97 million traded. “Genuine buying was seen in Lotte based on fundamentals,” remarked Shaji. The stock closed at Rs7.39, 6.33 per cent higher than opening rate.
Published in The Express Tribune, August 18th, 2010.
The market bounced back on Tuesday, gaining 141 points after a drop of almost three per cent during trade on Monday. Analysts explained that in addition to a technical reversal, positive sentiments were witnessed in the market because of a foreign institutional investor’s encouraging comments. The notification highlighting Agritech’s intended takeover also played a key role.
The Karachi Stock Exchange’s benchmark 100-shares index went up by about 1.48 per cent to close at 9,677.89 points.
“Initial excitement was largely on Mark Mobius’ positive comments on valuations, despite negatives, with key focus on the Oil and Gas Development Company (OGDC) and MCB Bank,” according to Fasial Bilwani from Elixir Securities.
Another analyst labelled the positive trend seen during the day as “OGDC-led” even though only about 0.82 million shares of the scrip were traded.
Furthermore, the notification expressing Fauji Fertiliser Company’s interest in acquiring up to 79.85 per cent of Agritech Limited (AGL) created excitement in the market. “The notification issued by Habib Bank Limited regarding the acquisition of Agritech will have a far reaching impact,” commented Faisal Shaji from Standard Capital Securities. Resultantly, the AGL stock hit the upper lock to close at Rs23.3
The stock of Azgard Nine, a company with a major shareholding in ANL, also shot up by Re1 to close at Rs10.02 per share.
Shares of 349 companies were traded on Tuesday. At the end of the day, 205 stocks closed higher while 126 declined and 18 remained unchanged. The value of the shares traded during the day was Rs1.78 billion.
Almost 10.3 million shares were traded in Arif Habib Securities on Tuesday, with the scrip emerging as the market leader. The stock of the company closed Rs0.46 higher at Rs26.25 per share. Jahangir Siddiqui and Company followed with a trade volume of 7.7 million shares. The company’s stock gained Rs0.95 or 9.39 per cent during the day’s trade to settle at Rs11.06 per share.
Lotte Pakistan PTA was the third volume leader with 5.97 million traded. “Genuine buying was seen in Lotte based on fundamentals,” remarked Shaji. The stock closed at Rs7.39, 6.33 per cent higher than opening rate.
Published in The Express Tribune, August 18th, 2010.