A stockbroker monitors share prices during a trading session. PHOTO: INP/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.68% or 147.74 points to end at 21,980.41 point level. The index was led by the oil and gas sector after an increase in fuel prices.
“Pakistan equities witnessed a volatile day from the start, finally settling over 147 points after five consecutive days of closing in the red,” Said Fareesa Baig of Elixir Securities.
“Leading the rise were oil names like Oil and Gas Development Company (OGDC PA +1.5%), Pakistan State Oil (PSO PA +4.8%,) Pakistan Petroleum (PPL PA +1.7%) on heightened local interest after market sentiments were upbeat after the finance ministry rejected the proposed hike in National Savings rate, which were supposed to increase by over 2%, along with lower than expected CPI inflation at 7.39% YoY,” Baig said.
Investors hope that circular debt will be reined in by an increase in electricity tariffs, thus strengthening cash flows of power and fuel companies.
“The market staged a bounce back led by the oil sector as OGDC (+1.5%), Pakistan Petroleum Limited (+1.7%) and Pakistan State Oil (PSO) (+4.9%) moved into the green zone. The sell-off ignited by the banking sector reversed as margin calls affecting other sectors were met to a large degree,” said Ovais Ahsan of JS Global.
“The telecom sector gained led by Pakistan Telecommunication Company Limited (+2.5%) on expectation of higher revenues expected after successful testing of the grey traffic intercepting software being implemented by the PTA,” Ahsan added.
Trade volumes fell to 197 million shares compared with Monday’s tally of 208 million shares.
Shares of 333 companies were traded on Tuesday. At the end of the day 191 stocks closed higher, 119 declined while 23 remained unchanged. The value of shares traded during the day was Rs7.8 billion.
Bank of Punjab was the volume leader with 18.8 million shares gaining Rs0.49 to finish at Rs11.49. It was followed by PTCL with 14.3 million shares gaining Rs0.65 to close at Rs26.81 and DG Khan Cement with 11.3 million shares gaining Rs2.35 to close at Rs71.22.
Foreign institutional investors were net sellers of Rs27 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 2nd, 2013.
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COMMENTS (3)
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This is not a fact. Wrong reporting by ET. The reality is stock exchange index has a free fall day before yesterday.
Upward trend for the sixth straight day!!!! Really?
Six straight day! Are you kidding me???