“Higher global stocks and commodities and renewed foreign interest in oil stocks on strong valuations played a catalyst role in bullish sentiments,” commented Arif Habib Corp analyst Ahsan Mehanti.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 0.87% or 139.18 points to end at the 16,101.55 points level. Trade volumes grew marginally to 191 million shares, compared with Thursday’s tally of 189 million shares.
“After the release of inflation numbers for the month of October, both individual and institutional investors took fresh position in all leading stocks,” said Topline Securities equity dealer Samar Iqbal. “Medium and small sized cement stocks remained in the limelight amid better expectations of above-expected profitability due to [a possible] decline in [the benchmark] interest rate,” she added.
The value of shares traded during the day was Rs5.18 billion. Foreign institutional investors were net buyers of Rs153.89 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 378 companies were traded on Friday. At the end of the day, 182 stocks closed higher, 145 declined while 51 remained unchanged. Most activity was confined to the construction and materials sector (80.26 million shares traded), followed by commercial banks (17.90 million), chemicals (17.71 million) and personal goods (17.16 million).
Fauji Cement was the volume leader with 49.09 million shares gaining Rs0.50 to finish at Rs6.94. It was followed by Dewan Cement with 9.64 million shares gaining Rs0.22 to close at Rs5.33 and Fatima Fertilizer Company with 8.48 million shares gaining Rs0.55 to close at Rs25.76.
Published in The Express Tribune, November 3rd, 2012.
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