WorldCall Telecom was the volume leader with 39.9 million shares gaining Rs0.57 to finish at Rs3.08. PHOTO: INP/FILE
KARACHI:
The Stock market continued its upward trend ending in the black on the last day of the week.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.59% or 138.63 points to end at 23,595.61 points.
“Bullish sentiment continued on Friday and the benchmark KSE-100 index mostly traded in the greens,” said Adeel Jafri of JS Global.
“The market was spurred by positive news in the telecom sector that the government has launched a monitoring system on trial basis to curb illegal voice and data communications with the rest of the world. This news triggered buying in all telecom stocks with PTC hitting its upper circuit during the first half of day session. The banking sector also remained in the positive zone,” Jafri adds.
“Pakistan equities continued with the positive momentum, inching up over 130 points on last trading day of the week,” said Fareesa Baig of Elixir Securities.
Baig added that “Leading the rise were index heavy banking names, with MCB Bank (MCB PA +0.7%) and United Bank (UBL PA +1.8%), along with Engro Corp (ENGRO PA +2.2%) on heightened local interest. Telecos, namely Pakistan Telecom PTC PA +4.9% traded near upper price limits as news of the government installing a monitoring system to curb illegal voice and data communications did rounds. Oil and Gas Development Company (OGDC PA +0.4%), Pakistan Petroleum (PPL PA +0.7%) and Pakistan State Oil (PSO PA +1.8%) also witnessed heightened investor interest after morning news of release of Rs34 billion under tariff differential subsidy to ease the re-emergence of circular debt.”
Trade volumes rose to 275 million shares compared with Thursday’s tally of 253 million shares.
Shares of 350 companies were traded on Friday. At the end of the day 175 stocks closed higher, 137 declined while 38 remained unchanged. The value of shares traded during the day was Rs9.9 billion.
WorldCall Telecom was the volume leader with 39.9 million shares gaining Rs0.57 to finish at Rs3.08. It was followed by Pakistan Telecommunications Company Limited with 30.7 million shares gaining Rs1.28 to close at Rs27.45 and Bank of Punjab with 15.1 million shares losing Rs0.35 to close at Rs12.75.
Foreign institutional investors were net buyers of Rs261 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 21st, 2013.
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