Market watch: Higher highs provide opportunities for intra-day players
Benchmark KSE-100 index rises 186.90 points.
Benchmark KSE-100 index rises 186.90 points.
KARACHI:
The stock market saw volatile sessions with a number of opportunities for intra-day players that led to many being winners in the recent rally.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.77% or 186.90 points to end at 24588.47.
“Pakistan equities witnessed yet another bull-dominated session recording higher highs as the benchmark index inched further towards 25,000 levels,” said Harris Ahmad Batla of Elixir Securities. “Cements that seemed upbeat earlier on reported price hike later faced selling pressure over rumours of issues with pricing agreement between cement manufacturers,” Batla added.
Engro Corporation (+4.3%) gathered momentum and hit an upper price limit on reports of institutional interest on hopes of cheaper feed gas for fertilizer subsidiary while Pakistan State Oil (PSO PA +1%) gained for the second consecutive day in late trading hours.
Fahad Ali of JS Global Securities said that Engro Corporation hit its upper circuit as rumours circulated the market of the Economic Coordination Committee holding a meeting and the gas agreement being signed.
“Volumes picked up since last trading session where Exploration and Production sector and Fertilizer sectors were major performers. Cement sector corrected itself where Lucky Cement lost about 2.6% to close at Rs274.64 on the back of weak data coming in for the month of November 2013,” said Ali.
Trade volumes rose to 105 million shares compared with Monday’s tally of 86 million.
Shares of 363 companies were traded on Tuesday. At the end of the day, 217 stocks closed higher, 124 declined while 22 remained unchanged. The value of shares traded during the day was Rs10.3 billion
Fauji Cement was the volume leader with 19 million shares, gaining Rs0.03 to finish at Rs13.59. It was followed by Engro Corporation with 11.4 million shares, losing Rs6.42 to close at Rs156.23 and Maple Leaf Cement with 10 million shares, gaining Rs0.33 to close at Rs26.09.
Foreign institutional investors were buyers of Rs475 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 4th, 2013.
The stock market saw volatile sessions with a number of opportunities for intra-day players that led to many being winners in the recent rally.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.77% or 186.90 points to end at 24588.47.
“Pakistan equities witnessed yet another bull-dominated session recording higher highs as the benchmark index inched further towards 25,000 levels,” said Harris Ahmad Batla of Elixir Securities. “Cements that seemed upbeat earlier on reported price hike later faced selling pressure over rumours of issues with pricing agreement between cement manufacturers,” Batla added.
Engro Corporation (+4.3%) gathered momentum and hit an upper price limit on reports of institutional interest on hopes of cheaper feed gas for fertilizer subsidiary while Pakistan State Oil (PSO PA +1%) gained for the second consecutive day in late trading hours.
Fahad Ali of JS Global Securities said that Engro Corporation hit its upper circuit as rumours circulated the market of the Economic Coordination Committee holding a meeting and the gas agreement being signed.
“Volumes picked up since last trading session where Exploration and Production sector and Fertilizer sectors were major performers. Cement sector corrected itself where Lucky Cement lost about 2.6% to close at Rs274.64 on the back of weak data coming in for the month of November 2013,” said Ali.
Trade volumes rose to 105 million shares compared with Monday’s tally of 86 million.
Shares of 363 companies were traded on Tuesday. At the end of the day, 217 stocks closed higher, 124 declined while 22 remained unchanged. The value of shares traded during the day was Rs10.3 billion
Fauji Cement was the volume leader with 19 million shares, gaining Rs0.03 to finish at Rs13.59. It was followed by Engro Corporation with 11.4 million shares, losing Rs6.42 to close at Rs156.23 and Maple Leaf Cement with 10 million shares, gaining Rs0.33 to close at Rs26.09.
Foreign institutional investors were buyers of Rs475 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 4th, 2013.