The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 1.25% or 230.14 points to end at 18,575.88 points. PHOTO: FILE
KARACHI: The stock market remained upbeat for yet another session this week, with bullish investors helping the market break through the 18,500-point barrier to mark yet another record for the bourse.
“The bourse continued [with] its upward momentum for the third consecutive day of the week to close at a new high,” said Topline Securities’ Senior Manager for Equity Sales Samar Iqbal.
“Pre-result euphoria kept investors’ interest in the cement and oil sectors, while Unilever buyback sparked interest in other food producers,” she added.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 1.25% or 230.14 points to end at 18,575.88 points. Trade volumes dropped to 203 million shares, compared with Tuesday’s tally of 225 million shares. The value of shares traded during the day was Rs8.42 billion.
“Renewed foreign interest, along with institutional activity, kept momentum upbeat,” reported Jawwad Aboobakar, analyst at Elixir Securities. “Cement makers were the favourites […] as lower international coal prices are fuelling interest [...] Fertilisers, after a morning hammering on news of a fine imposed by the anti-trust body on Fauji Fertilizer and Engro Fertilizers, bounced back before close, as investors see no serious threat and expect appeals ahead of any payment.”
Shares of 372 companies were traded on Wednesday. At the end of the day, 190 stocks closed higher, 129 declined and 53 remained unchanged. Maple Leaf Cement was the volume leader with 20.94 million shares, gaining Rs0.42 to finish at Rs20.32. It was followed by Lafarge Pakistan Cement with 20 million shares, gaining Rs0.06 to close at Rs7.13 and Fauji Cement with 19.11 million shares, gaining Rs0.01 to close at Rs8.81.
“Consumer sector also performed today, where Engro Foods hit its upper circuit, as investors’ anticipation increased that cash freed from the delisting of Unilever would flow into other consumer companies,” observed JS Global Capital analyst Fahad Ali.
Foreign institutional investors were net buyers of Rs192.85 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 4th, 2013.
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