Market watch: Stock market closes shy of the coveted 24,000 barrier

Benchmark KSE-100 index rises 130.72 points.

KARACHI: The stock market continued its recent momentum, missing the 24,000 barrier by a hair’s breadth.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.55% or 130.72 points to end at 23,978.29 points.

“Broader market sentiment remained positive on the first trading day of the week, however falling short of a few points to close near the much coveted 24,000.” said Fareesa Baig of Elixir Securities.



“Energy names remained in the limelight from the start over news of an unlisted Hungarian oil and gas company, MOL, all set to add additional gas and crude oil to the system. Pakistan Oil Fields (POL PA +2.5%) gained the most, while Pakistan Petroleum (PPL PA +0.3%) also inched up due to positive sector outlook.

Interestingly, Oil and  Gas Development Company (OGDC PA +0.02%) traded volumes last seen in August this year and closed flat with reports of a foreign fund selling and a local institutional investor building positions.”

Ovais Ahsan of JS Global Securities said, “National Bank of Pakistan (+2.3%) was the second biggest index mover today as investors, after the oil companies. The lure for high dividend plays also invited buying in Hub Power (+1.2%), another prominent gainer for the day.

“Engro Corporation (+1.4%) rallied on the euphoria of a four times oversubscription to Engro Fertilizer issue which was up for grabs in a book building auction,” Ahsan said.

Trade volumes rose to 141 million shares compared with Friday’s tally of 123 million.

Shares of 356 companies were traded on Monday. At the end of the day, 206 stocks closed higher, 125 declined while 25 remained unchanged. The value of shares traded during the day was Rs8.28 billion.



Lafarge Pakistan Cement was the volume leader with 16.9 million shares gaining Rs0.36 to finish at Rs8.41. National Bank of Pakistan followed with 7.55 million shares, gaining Rs1.27 to close at Rs55.87 and Pakistan Telecommunication Company Limited with 7.49 million shares, gaining Rs0.12 to close at Rs30.08.

Foreign institutional investors were net sellers of Rs590 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 26^th, 2013.

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