KARACHI: The local bourse continues to break record-highs with banking and index-heavyweight oil and gas sectors driving the index in to the black, despite negative security situation in the city.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.16% or 25.26 points to end at the 16,243.27 point level.
“Market closed on historical high levels led by banking and the oil sector on strong valuations,” said Ahsan Mehanti, analyst at Arif Habib Corporation.
“The bourse started off on a negative note as the bomb attack in Karachi and a sharp fall in global markets kept sentiments bearish, said Ovais Ahsan, analyst at JS Global Capital.
However, foreign interest in Oil and Gas Development Company and MCB Bank helped the market rebound as local investors also jumped on to the bullish bandwagon.
Trade volumes fell to 153 million shares compared with Wednesday’s tally of 159 million shares.
Engro Foods attracted selling pressure as investors continued to punt on rumours that the Saudi Arab based dairy producer – Al Marai – was buying a stake in company.
Earlier, KESC announced an investment plan in excess of Rs40 billion to enhance generation capacity and boost efficiency of its power plants. The news attracted buying in the stock and pushed it into the top three volume leaders.
Pakistan State Oil rallied on the back of news that the oil marketing company plans to set up a $700 million refinery in 2016; though intraday gains were pared by profit-taking, added Ahsan.
Shares of 376 companies were traded on the final trading session of the week. At the end of the day 169 stocks closed higher, 151 declined while 56 remained unchanged. The value of shares traded during the day was Rs5.88 billion.
Engro Foods was the volume leader with 14.86 million shares shedding Rs1.03 to finish at Rs79.13. It was followed by Karachi Electric Supply Company with 12.06 million shares gaining Rs0.20 to close at Rs5.85 and Jahangir Siddiqui and Company with 11.43 million shares climbing Re1 to close at Rs15.14.
Foreign institutional investors were net buyers of Rs1.5 billion, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 9th, 2012.
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Dear Correspondent: how does market close in black? Not an income statement that is black or red. Get your color senses in order and improve vocabulary. Shukran :)