Market watch: Mid-tier stocks, results support climb

Benchmark KSE-100 index climbs 56 points.


Our Correspondent October 23, 2012

KARACHI: Market attracted bullish sentiments as low-priced stocks remained investor favourites. Anticipation of healthy results announcements by companies also attracted activity, however trading volumes remained thin.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index climbed 0.35% or 55.88 points to end at 15,848.63 point level. Positive activity was seen at the local exchange as low-priced stocks remained investors favourites, said Topline Securities Equity Dealer Samar Iqbal.

Trade volumes fell to 149 million shares compared with Friday’s tally of 209 million shares.

Shares of 352 companies were traded on the first trading session of the week. At the end of the day 171 stocks closed higher, 133 declined while 48 remained unchanged. The value of shares traded during the day was Rs4.9 billion.

Karachi Electric Supply Company was the volume leader with 19.79 million shares gaining Rs0.72 to finish at Rs6.25. It was followed by Jahangir Siddiqui and Company with 15.67 million shares gaining Rs0.64 to close at Rs14.93 and Azgard Nine – textile manufacturer – with 9.21 million shares rising Rs0.05to close at Rs6.78.

Engro Corporation also managed to close up today by 1.1% over expectations of resolution of gas supply to its Enven plant on the Sui Northern Gas Pipelines (SNGPL) network in the short-term, according to Shakir Padela, analyst at JS Global Capital.

Earlier, the SNGPL said that it will be unable to provide further gas to fertiliser producers on its network due to low gas pressure. The SNGPL network includes Pakarab Fertilizer, Engro Enven, Agritech Limited and DHFL fertiliser plants.

Nishat Mills, too, attracted buying on its last day of spot – common stock – on expectation of better results to be announced on Thursday.

Engo Foods, however, was battered as investors opted to bank profits after announcement of lower than projected sales.

Fauji Fertilizer Company declined by Rs1.6, after the September quarter result announcement.

Foreign institutional investors were net buyers of Rs52.7 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, October 23rd, 2012.

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