KARACHI: The stock market experienced a volatile session on Thursday but bulls still managed to take the index to a new peak above 25,000 points.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.40% or 99.10 points to end at 25,072.
Elixir Securities market analyst Haris Ahmad Batla commented that the index finally crossed the 25,000 mark after some unsuccessful attempts earlier this week.
He said the textile sector set the tone for the day as Pakistan looked set to gain GSP Plus status from the European Union. In the evening, the news emerged that the European bloc has granted the duty-free export facility to Pakistan.
“Nishat Mills (+1.9%) and Nishat Chunian (+3.7%) were among volume leaders while less liquid textile plays closed at their respective upper price limits on low volumes,” he added.
“Buying interest was rejuvenated in Engro Foods (+4.1%) that trades at a 40% discount from its six-month high, as market players bet on revival of sales growth after the company’s attempt to resolve distribution issues in the northern part of the country.”
Pakistan Telecommunication Company (+2.2%) saw buying interest and hit a new high alongside the benchmark index as the government seemed keen to finalise the auction of advanced telecom spectrum licence soon.
Trade volumes rose to 207 million shares compared with Wednesday’s tally of 179 million shares.
Shares of 382 companies were traded during the session. At the end of the day, 243 stocks closed higher, 109 declined and 30 remained unchanged. The value of shares traded during the day was Rs8.9 billion.
PTCL was the volume leader with 21.6 million shares, gaining Rs0.65 to finish at Rs30.94. It was followed by Colony Mills with 14.5 million shares, gaining Rs0.47 to close at Rs5.11 and Jahangir Siddiqui with 13.1 million shares, gaining Rs0.34 to close at Rs9.22.
Foreign institutional investors were net buyers of Rs117 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 13th, 2013.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ