Stock market moves up a gear
The Karachi Stock Exchange (KSE) benchmark 100-share index ended up 1.47 per cent or 142.99 points at 9,891.13.
Hopes that the margin trading product would be looked into right after Eid holidays raised investor sentiments and lifted volumes, according to Elixir Securities dealer Sibtain Mustafa. Turnover more than doubled to 52.2 million shares on Wednesday from the preceding day’s 19.3 million shares.
Oil and cement sectors led the recovery after state-owned funds and local institutions committed fresh liquidity while overall activity was much welcomed by daily jobbers as quick gains were offered in leading counters, added Mustafa.
Pakistan Petroleum Limited firmed Rs3.15 to close at Rs209.03 while Lucky Cement increased Rs1.89 to close at Rs70.84.
Shares of 335 companies were traded during the day. At the end of the day, 225 stocks closed higher, 93 declined and 17 remained unchanged. The value of shares traded was Rs2.4 billion.
Markets will be closed from Friday till Monday owing to Eidul-Fitr holidays.
Top three volume leaders of the day covered one-third of total volumes of 52 million shares.
DG Khan Cement was the volume leader with 5.4 million shares gaining Rs1.06 to finish at Rs26.56. It was followed by Lotte Pakistan PTA with 4.6 million shares rising Rs0.27 to close at Rs8.27 and Azgard Nine Limited with 3.45 million shares gaining Rs0.57 to close at Rs9.98.
Published in The Express Tribune, September 9th, 2010.
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