Market watch: Index closes higher with KESC leading volumes chart

Benchmark KSE-100 index rises 89.74 points.

KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.34% or 89.74 points to end at 26,259.57.

The index witnessed profit-taking in blue chip and second-tier stocks during the day, losing 119 points at one time, but recovered with a closing of 90 points in the black.

“Pakistan equities sustained 26,200 points and closed marginally positive after a volatile trading session, with interest and volumes primarily in small and mid cap stocks,” said Faisal Bilwani of Elixir Securities. “Karachi Electric Supply Company (KESC PA +4.1%) led volumes chart with reports of local HNWs picking up large quantities on the system, while another 48 million shares exchanged hands-off market with foreign institutional investors on the selling side.



“Engro Corp (+4.5%) kept investors busy with stocks nearing its upper limit, on news of possible incremental gas supply to its fertiliser plant from Reti Maru field, while Engro Foods (+4.8%) also traded strong and hit upper price limit intraday on technical breakout,” Bilwani added.

Mujtaba Barakzai, a JS Global Capital analyst, said that Hubco went up (+1.4%) on rumours of a coal conversion tariff being approved.

“In the consumer sector, Engro Foods, Nestle and National Foods also rallied up 4.8%, 4.1% and 5.0% due to interest from local and foreign investors in the sector,” said Barakzai.

Trade volumes rose to 336 million shares compared with Monday’s tally of 282 million.

Shares of 401 companies were traded on Tuesday. At the end of the day, 215 stocks closed higher, 172 declined while 14 remained unchanged. The value of shares traded during the day was Rs11.7 billion.



KESC was the volume leader with 30 million shares, gaining Rs0.24 to finish at Rs6.07. Pakistan International Airlines followed with 28.4 million shares, gaining Rs0.36 to close at Rs9.55 and Engro Polymer with 15.1 million shares, losing Rs0.94 to close at Rs15.72.

Foreign institutional investors were net sellers of Rs47 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, January 8^th, 2014.

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