Long time coming: Bourse manages to close at 15,000-point level

Investors ignore PAF base attack and help stock market close at a four-year high.

KARACHI:

It took the stock market four years and four months to recover from the global recession. Despite low activity level and investors arriving in the morning with news airing of an attack on a Pakistan Air Force (PAF) base in Kamra, the bourse just managed to close at the 15,000-point, a level last seen on April 30, 2008.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.19 per cent or 29.15 points to end at 15,000.08 point level. The bourse is now close to the all-time high of 15,740.34 points hit on April 21, 2008.

Trading started with the index declining due to below than expected results by two heavyweights Engro and National Bank of Pakistan. However, buying interest towards the end of session in Oil and Gas Development Company (OGDC) helped the index close above the psychological level, said Topline Securities Senior Manager Equity Sales Mohammad Rizwan.

The day also marked the last trading session ahead of the five day long break. The stock market will remain closed today (Friday) on the occasion of Jummatul Wida and from Monday to Wednesday for Eid, if it falls on Monday.

Foreign institutional investors were net buyers of Rs352 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Oil stocks went into consolidation phase with Pakistan Oilfields and Pakistan Petroleum closing flat while OGDC gained a minor 0.8%.

Trade volumes fell 95 million shares compared with Wednesday’s tally of 173 million shares.

Shares of 297 companies were traded on Tuesday. At the end of the day 133 stocks closed higher, 116 declined while 48 remained unchanged. The value of shares traded during the day was Rs2.5 billion.

Lafarge Pakistan was the volume leader with 22.6 million shares gaining Rs0.26 to finish at Rs5.27. It was followed by Fauji Cement with 10.0 million shares declining Rs0.09 to close at Rs6.50 and Karachi Electric Supply Company with 6.3 million shares falling Rs0.27 to close at Rs5.73.

Published in The Express Tribune, August 17^th, 2012.