KARACHI: Activity at the local bourse was lacklustre where the index largely remained range bound but managed to crawl up. Investors seemed to prefer day trading and kept their distance waiting for the year to end with just seven trading sessions remaining.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.07% or 11.15 points to end at 16,869.83 point level. Trade volumes fell to 114 million shares compared with Tuesday’s tally of 119 million shares.
Hub Power Company (Hubco) made the top three volume chart for the second day in a row on institutional selling, while Pakistan Oilfields attracted buying on hopes of better payout, reported Jawwad Aboobakar, analyst at Elixir Securities.
Textile players drew interest on depreciation of the rupee providing higher margins on their exports, added Aboobakar.
Investors opted to book profits in Engro Corporation as no major decision was taken in the Economic Coordination Committee meeting for gas restoration to the fertiliser sector, said Topline Securities Equity Dealer Samar Iqbal.
Though investors remained on the sidelines, they showed interest in Fauji Fertilizer Company as fertiliser sales are expected to spike this month, said Fahad Ali, analyst at JS Global Capital. A Topline Securities research note earlier said that 400,000 tons of urea had been sold in the first half of December and the figure was expected to touch 800,000 tons by the month-end.
Shares of 401 companies were traded on Wednesday. At the end of the day 165 stocks closed higher, 182 declined while 54 remained unchanged. The value of shares traded during the day was Rs4.27 billion.
Jahangir Siddiqui and Company was the volume leader with 7.91 million shares gaining Rs0.22 to finish at Rs16.44. It was followed by Hubco with 7.63 million shares falling Rs0.18 to close at Rs43.80 and DG Khan Cement with 5.66 million shares shedding Rs0.19 to close at Rs54.74.
Foreign participation remained thin in the broader market, however, off market transaction worth $19 million in Pakistan International Containers will reflect in major foreign inflows for Wednesday.
Foreign institutional investors were net buyers of Rs43.89 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 20th, 2012.
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