Bullish run continues with healthy volumes

Stocks continue the bullish run and cross the 10,300-point level at intraday on Friday.

KARACHI: Stocks continued the bullish run and crossed the 10,300-point level at intraday on Friday, however, some of the early gains were eroded by late profit taking.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.68 percent or 68.80 points higher at 10,260.48.

The bourse rose on the back of continuous support from local institutions and foreign fund managers, said Topline Securities equity dealer Samar Iqbal.

Rumours regarding margin trading system and Tuesday’s scheduled meeting on oil price deregulation proved positive triggers for the market, said JS Global Capital analyst Arsalan Khan.

The oil sector performed brilliantly with all major stocks closing much higher than yesterday.

Turnover dropped slightly but was still at a decent level of 134.7 million shares against yesterday’s three-month high of 148.2 million shares.

Nishat Chunian Limited (NCL) announced net profit of Rs931 million - nine times more than last year - with a final cash dividend of 15 per cent. The stock price remained unchanged at Rs18.32.

Shares of 384 companies were traded during the day. At the end of the day 211 stocks closed higher, 149 declined while 24 remained unchanged. The value of shares traded during the day was Rs4.13 billion.

Main board stocks were in the limelight yet second tier dominated the volumes, added Iqbal.

Lotte Pakistan PTA was the volume leader with 18.3 million shares gaining Rs0.18 to finish at Rs8.91. It was followed by Nishat Chunian Limited with 9.64 million shares and WorldCall Telecom with 8.87 million shares gaining Rs0.15 to close at Rs2.6.

Published in The Express Tribune, October 9^th, 2010.