KARACHI: The country’s largest bourse, after closing on a high in the shortened week before Eid, added 200 points to the index supported by index heavyweights as investors ignored tensions at the line of control and focused on the earnings season.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.86% or 200.8 points to end at 23,437.99 point level. Trade volumes climbed to 250 million shares compared with Thursday’s tally of 175 million shares.
The market extended its rally after gaining another 200 points with decent volumes amid expectations of better June earnings, said Samar Iqbal, assistant vice president of equity sales at Topline Securities.
JS Global Capital analyst Fahad Ali reported that interest in the oil and gas, banking and telecommunication sectors was witnessed by local and foreign investors.
The value of shares traded during the day was Rs9.92 billion.
Index heavy oil stocks were able to register considerable gains, particularly Pakistan State Oil that witnessed buying on expectations of a higher payout, while the Oil and Gas Development Company closed in the black on thin volumes.
The cement sector remained in the limelight throughout the session with Kohat Cements and Fauji Cement closing at their respective upper circuits. Lucky Cement recovered recent losses as investors expect significant jump in earnings and payouts in the upcoming full-year results, said Jawwad Aboobakar of Elixir Securities.
Banking sector also capitalised on the gains in the broader market as United Bank remained bullish throughout the day on reported foreign accumulation, while on the other hand, National Bank of Pakistan closed marginally in the red, but was one of the most actively traded stocks on Monday.
Bank of Punjab was the volume leader with 52.33 million shares gaining Rs0.94 to finish at Rs14.62. It was followed by Fauji Cement with 23.72 million shares gaining Re1 to close at Rs15.95 and National Bank of Pakistan with 17.31 million shares losing Rs0.24 to close at Rs57.09.
Foreign institutional investors were net buyers of Rs76 million, according to data maintained by the National Clearing Company of Pakistan.
Published in The Express Tribune, August 13th, 2013.
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