Stocks rise despite violence in city
The Karachi Stock Exchange’s benchmark 100-share index ries 0.2 per cent or 21.13 points to end at 10,486.02.
KARACHI:
Stocks ended up on Wednesday despite the worsening law and order situation in the city.
The Karachi Stock Exchange’s benchmark 100-share index rose 0.2 per cent or 21.13 points to end at 10,486.02.
Enthusiasm for the result season kept the market in the positive territory, explained Topline Securities analyst Samar Iqbal.
Markets were closed in Karachi on Wednesday after at least 56 people were killed in street violence since Saturday.
In the morning, the trading session started off on a negative note as the index declined 28.69 points in the first trading hour. However, recovery started in the latter part of the session on fresh buying by institutions which helped the index to rebound and hit an intraday high of 10,515.7 points.
Trade volumes increased to 103.96 million shares compared with Tuesday’s tally of 86.9 million shares.
Pakistan State Oil and Shell Pakistan will announce their results on Thursday while Oil and Gas Development Company is scheduled to unveil its performance on October 27.
Shares of 389 companies were traded on Wednesday. At the end of the day, 208 stocks closed higher, 159 declined and 22 remained unchanged. The value of shares traded during the day was Rs2.37 billion.
A rise in cement prices and reconstruction of flood-affected regions invited investor interest in the cement sector. DG Khan Cement jumped 2.7 per cent to end at Rs27.06 while Lucky Cement rose 1.4 per cent to close at Rs71.26.
Bullish activity continued in EFU which hit its upper limit for the fifth session in a row.
Lotte Pakistan PTA was the volume leader with 26.5 million shares gaining Rs0.8 to finish at Rs10.36. It was followed by Jahangir Siddiqui and Company with 7.95 million shares firming Rs0.25 to close at Rs9.92 and JS Growth Fund with 7.41 million shares increasing Rs0.22 to close at Rs2.92.
Published in The Express Tribune, October 21st, 2010.
Stocks ended up on Wednesday despite the worsening law and order situation in the city.
The Karachi Stock Exchange’s benchmark 100-share index rose 0.2 per cent or 21.13 points to end at 10,486.02.
Enthusiasm for the result season kept the market in the positive territory, explained Topline Securities analyst Samar Iqbal.
Markets were closed in Karachi on Wednesday after at least 56 people were killed in street violence since Saturday.
In the morning, the trading session started off on a negative note as the index declined 28.69 points in the first trading hour. However, recovery started in the latter part of the session on fresh buying by institutions which helped the index to rebound and hit an intraday high of 10,515.7 points.
Trade volumes increased to 103.96 million shares compared with Tuesday’s tally of 86.9 million shares.
Pakistan State Oil and Shell Pakistan will announce their results on Thursday while Oil and Gas Development Company is scheduled to unveil its performance on October 27.
Shares of 389 companies were traded on Wednesday. At the end of the day, 208 stocks closed higher, 159 declined and 22 remained unchanged. The value of shares traded during the day was Rs2.37 billion.
A rise in cement prices and reconstruction of flood-affected regions invited investor interest in the cement sector. DG Khan Cement jumped 2.7 per cent to end at Rs27.06 while Lucky Cement rose 1.4 per cent to close at Rs71.26.
Bullish activity continued in EFU which hit its upper limit for the fifth session in a row.
Lotte Pakistan PTA was the volume leader with 26.5 million shares gaining Rs0.8 to finish at Rs10.36. It was followed by Jahangir Siddiqui and Company with 7.95 million shares firming Rs0.25 to close at Rs9.92 and JS Growth Fund with 7.41 million shares increasing Rs0.22 to close at Rs2.92.
Published in The Express Tribune, October 21st, 2010.