National Bank was the volume leader with 17.2 million shares, losing Rs2.53 to finish at Rs49.8. PHOTO: REUTERS/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.38% or 84.74 points to end at 22,445.59 point level.
“The KSE witnessed a volatile session today as major companies like Oil and Gas Development Company (OGDC), Fauji Fertiliser Bin Qasim Limited (FFBL), National Bank of Pakistan (NBP) and Habib Bank Pakistan (HBL) announced mixed results,” said Wasi Khan of JS Global Securities.
“OGDC beat market expectation posting 1QFY14 earnings per share of Rs7.81 along with a 20% dividend payout, while FFBL result came as expected at Rs1.58 per share alongside a 10% dividend payout. On the other hand, NBP announcement missed market expectation shockingly on account of higher provisions and write-offs in 3Q2013. However, HBL surprised with above expected result of Rs4.54 per share,” Khan added.
“It was another volatile day for Pakistan equities whereby gains in select index heavy stocks namely OGDC (+2.8%) and MCB Bank (+2.9%) were countered by profit taking in broader market, leaving the index little changed. Results today were a mixed bag. OGDC earnings surpassed expectations while that of National Bank NBP (-4.8%) came in significantly below due to a one-off provisioning expense which led to panic selling in the stock,” said Raza Rawjani of Elixir Securities.
Trade volumes jumped back up to reach 121 million shares compared with Thursday’s tally of 92 million shares.
Shares of 307 companies were traded on Friday. At the end of the day 127 stocks closed higher, 159 declined while 21 remained unchanged. The value of shares traded during the day was Rs4.8 billion.
National Bank was the volume leader with 17.2 million shares, losing Rs2.53 to finish at Rs49.8. It was followed by Jahangir Siddiqui and Co with 11.3 million shares gaining Rs0.98 to close at Rs9.23 and JS Investments with 8.3 million shares gaining Rs1 to close at Rs10.22.
Foreign institutional investors were net buyers of Rs238 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 26th, 2013.
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