Market watch: Bourse touches new peak of 2012

KSE’s 100-share index gains 14 points to 14,731.

KARACHI: The stock market started the day on as positive note and touched the new 2012 high of 14,731 points. However, profit taking in the second half amid release of Coalition Support Fund and index peaking trimmed first half gains, said JS Global Capital analyst Shakir Padela.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.09 per cent or 13.81 points to end at the 14,730.67 point level.

The State Bank of Pakistan confirmed on Thursday that it has received $1.12 billion from the United States under the Coalition Support Fund.

The oil and gas index managed to close the day in the green zone led by Pakistan Petroleum and Pakistan Oilfields on the expectation of a cash payout along with the full year result.

Millat Tractors also managed to close the day up by 1.4% on expectations of cash and dividend with the full year result.

Foreign institutional investors were net buyers of Rs118 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Investors will closely monitor the political environment with the monetary policy on August 10 to decide on the future direction, added Padela.

Profit taking was seen in DG Khan Cement after its share price hit a four-year high of Rs48.10.

Trade volumes stayed in the same range at 102 million shares against Wednesday’s tally of 104 million shares.

Shares of 107 companies were traded on Thursday. At the end of the day 107 stocks closed higher, 164 declined while 61 remained unchanged. The value of shares traded during the day was Rs4.0 billion.

DG Khan Cement was the volume leader with 14.6 million shares declining Rs0.7 to finish at Rs46.8. It was followed by Maple Leaf Cement with 8.1 million shares falling Rs0.5 to close at Rs6.8 and Jahangir Siddiqui and Company with 5.3 million shares increasing Re0.1 to close at Rs15.5.

Published in The Express Tribune, August 3^rd, 2012.