KSE manages to close in the positive
Investors remained cautious on the back of revised economic estimates projecting higher inflation.
KARACHI:
Investors remained cautious on the back of revised economic estimates projecting higher inflation and a lower economic growth rate and the ongoing row between the Karachi Stock Exchange (KSE) chairman and other board members over the margin trading system. However, bullish activity in the global capital markets and foreign buying in certain sectors managed to create some positive sentiments, according to analysts.
The benchmark 100-share index at the KSE closed 27.51 points higher at the 9,762.89 level.
“Positive activity was witnessed as foreign investors dominate oil and gas, energy and cement sectors on strong valuations ahead of major construction efforts to rebuild flood affected regions in the country,” according to Ahsan Mehanti, a director at Arif Habib Investments Limited.
Only 43.82 million shares were traded on Thursday compared with a turnover of 52.25 million shares on Wednesday. “Investors preferred to remain on the sidelines till differences between KSE’s chairman and board members on the upcoming margin trading system are resolved,” wrote Murtaza Jafar from JS Global Capital.
“Activity was also low as investors await the International Monetary Fund (IMF) statement regarding aid dispensation for the damage wreaked by floods,” highlighted Sara Shahid from Elixir Securities.
Shares of 336 companies were traded on Thursday. At the end of the day 166 stocks closed higher while 141 declined and 29 remained unchanged. The value of the shares traded during the day was approximately Rs1.85 billion.
Hub Power Company (Hubco) emerged the market leader with a trade volume of 4.28 million shares. “Hubco remained the volume leader on the back of foreign interest,” according to a local equity dealer.
The scrip gained Rs.014 to close at Rs36.76 per share.
Jahangir Siddiqui and Company closely followed with a turnover of 4.27 million shares. The company’s stock recorded an increase of 0.7 per cent to close at Rs10.05 per share.
DG Khan Cement (DGKC) was the third market leader with 4.2 million shares traded during the day. The stock closed at Rs25.40, the same as Wednesday’s close.
Published in The Express Tribune, September 3rd, 2010.
Investors remained cautious on the back of revised economic estimates projecting higher inflation and a lower economic growth rate and the ongoing row between the Karachi Stock Exchange (KSE) chairman and other board members over the margin trading system. However, bullish activity in the global capital markets and foreign buying in certain sectors managed to create some positive sentiments, according to analysts.
The benchmark 100-share index at the KSE closed 27.51 points higher at the 9,762.89 level.
“Positive activity was witnessed as foreign investors dominate oil and gas, energy and cement sectors on strong valuations ahead of major construction efforts to rebuild flood affected regions in the country,” according to Ahsan Mehanti, a director at Arif Habib Investments Limited.
Only 43.82 million shares were traded on Thursday compared with a turnover of 52.25 million shares on Wednesday. “Investors preferred to remain on the sidelines till differences between KSE’s chairman and board members on the upcoming margin trading system are resolved,” wrote Murtaza Jafar from JS Global Capital.
“Activity was also low as investors await the International Monetary Fund (IMF) statement regarding aid dispensation for the damage wreaked by floods,” highlighted Sara Shahid from Elixir Securities.
Shares of 336 companies were traded on Thursday. At the end of the day 166 stocks closed higher while 141 declined and 29 remained unchanged. The value of the shares traded during the day was approximately Rs1.85 billion.
Hub Power Company (Hubco) emerged the market leader with a trade volume of 4.28 million shares. “Hubco remained the volume leader on the back of foreign interest,” according to a local equity dealer.
The scrip gained Rs.014 to close at Rs36.76 per share.
Jahangir Siddiqui and Company closely followed with a turnover of 4.27 million shares. The company’s stock recorded an increase of 0.7 per cent to close at Rs10.05 per share.
DG Khan Cement (DGKC) was the third market leader with 4.2 million shares traded during the day. The stock closed at Rs25.40, the same as Wednesday’s close.
Published in The Express Tribune, September 3rd, 2010.