Foreign institutional investors were net buyers of Rs215 million, according to data maintained by the National Clearing Company of Pakistan Limited. PHOTO: PPI/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.62% or 146.39 points to end at 23,364.60 points.
“Pakistan equities closed positive ahead of the weekend on a day that witnessed somewhat lackluster activity as investors preferred to stay sidelined. Lack of immediate triggers and in absence of news flow, investor primarily remained happy with existing positions and continue to debate over monetary policy outcome and await commentary over the International Monetary Fund (IMF) review of the economy,” said Faisal Bilwani of Elixir Securities.
“Engro Corp (ENGRO PA +3.9%) witnessed sporadic interest and gained as investors are comfortable that the announced winter gas load shedding will not affect company’s urea plant feed gas supply,” Bilwani added.
“After a dull start to the day, the market recovered in the second half where the KSE-100 witnessed an uptick in volumes,” said Wasi Khan of JS Global, adding that “As a result, the benchmark KSE-100 index closed on positive zone with a gain of 147points (0.6%). Pakistan State Oil was in the limelight as the stock gained 1.6%, while Pakistan Petroleum Limited was up by 0.6% on higher oil prices. Engro Corporation was also amongst star performer closing the day up by 3.9% as investors were excited about the Engro Fetilizer’s IPO,” said Wasi Khan of JS Global Securities.
Trade volumes fell to 137 million shares compared with Thursday’s tally of 147 million shares. Shares of 299 companies were traded on Friday. At the end of the day 157 stocks closed higher, 113 declined while 29 remained unchanged. The value of shares traded during the day was Rs4.8 billion.
Jahangir Siddiqui and Company was the volume leader with 27.4 million shares gaining Rs1 to finish at Rs9.23. It was followed by Pakistan International Airlines with 11.2 million shares gaining 0.84 to close at Rs7.82 and Fauji Cement with 10 million shares gaining Rs0.23 to close at Rs12.17.
Foreign institutional investors were net buyers of Rs215 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 9th, 2013.
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