A Pakistani stockbroker looks at the latest share prices on a digital screen during a trading session at the Karachi Stock Exchange (KSE) in Karachi on January 3, 2014. PHOTO: AFP
Harris Ahmed Batla of Elixir Securities described the day at the stock exchange as a ‘celebration’ after the upward move continued at the bourse with the benchmark index recording new highs and closing over 26,000.
“Cements remained the main driving force after recent consumer price index reading that came out below market expectation,” said Batla.
Batla believes that following this trend the analysts anticipated monetary rates to remain unchanged in the next policy due this month. “Banks traded near to flat for the similar reason, while oils regained momentum after lagging in the recent rally.”
Batla observed that Pakistan Telecommunication Company Limited (+1 .4%) also found its way up leading volume charts, alongside small cap retails plays such as Fauji Cement (+0.06%), Maple Leaf Cement (+0.94%) and TRG Pakistan (+10.23%).
JS Global Capital analyst Wasi Khan shared a similar perspective and believed the better-than-expected December-2013 inflation of 9.18% helped sustain the positive mood at the bourse, while foreign exchange reserves also improved by $ 431 million from last week. Khan added that sector related news flow kept interest in exploration and production and textiles alive.
Trade volumes fell to 277 million shares compared with Thursday’s tally of 387 million shares.
Shares of 392 companies were traded on the last trading session of the week. At the end of the day, 176 stocks closed higher, 201 declined while 15 remained unchanged. The value of shares traded during the day was Rs9.81 billion.
TRG Pakistan Limited was the volume leader with 21 million shares, gaining Rs0.99 to finish at Rs10.18. It was followed by Pakistan Telecommunication Company Limited with 12.5 million shares, gaining Rs0.47 to close at Rs30.15 and DG Khan Cement
with 12.3 million shares, gaining Rs2.69 to close at Rs92.72.
Foreign institutional investors were net sellers of Rs49 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 4th, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS (5)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
1732437695-0/drake-and-charles-(1)1732437695-0-165x106.webp "article")
1732434981-0/BeFunky-collage-(10)1732434981-0-165x106.webp "article")
In the on-going privatization drive, the government should privatize its stake through the stock market through IPO's. As been done in earlier IPO's, like for OGDCL, small investors should be encouraged to buy. That way more people share a stake in the prosperity of the organization and more people gain.
It is time that more companies are listed on the stock exchange.
The biggest short opportunity in 2014!
The stock market is scaling new heights with each passing month under the able & visionary leadership of PMLN. The Finance Minister of Pakistan Mr Ishaq Dar is a "gold medalist" in Commerce and is Fellow Chartered Accountant (FCA) from ICAEW, world's most prestigious institute of accountancy. Since achieving record victory in the general elections held on 11th May 2013 (despite all odds from the then ruling coalition as well as impediments from then establishment), the PMLN secured 14.86 Million votes, highest-ever in the history of Pakistan. The reforms undertaken by the Government during the last 06 months include: 1. Setting clear vision of financial management. Unlike the PPP regime where either Finance Minister, Governor Central Bank or Secretary Finance were replaced every year, there is now certainty and consistency in economic policies of the PMLN government. 2. Reduction in loadshedding with re-start of power plants shut due to circular debt, re-initiation of Nandipur, Chicho-ke-Mallian & Neelam-Jhelum projects and initiation of Solar Energy Park at Cholistan. 3. Good Governance that has led to improvement in both the rating as well as scoring by Transparency Index. 4. Foreign Direct Investment (FDI) is pouring in with initiation of a large number of mega infrastructure projects. 5. Initiation of merit-based Prime Minister Youth Business Loan Scheme (PMYBL) meant to provide self-employment to 100,000 youth every year. 6. Achievement of GSP Plus for textile exports boost by US$ 1 Billion every year and creation of millions of new jobs. 7. Endeavors to make peace with neighboring India & Afghanistan. Re-start of DGMO level meetings with India after a gap of 14 years. Economic prosperity always follows regional peace. 8. The stock market index (I.e., barometer of the economy) has now crossed 26,000 mark & is scaling new heights. Long Live Pakistan!
"The stock market maintained its upward trend on the last day of the week with the Karachi Stock Exchange’s (KSE) benchmark 100-share index rising 0.30% or 78.33 points to end at 26,040.51."
Actually the KSE100 Index Closed at 26,046.71 up 84.53 points. You see the KSE recalculates and publishes the closing values around 15 minutes after Market closing time.
I hope ET does not publish incorrect values in tomorrow's newspaper.