Market watch: Stock market maintains upward movement

Benchmark KSE-100 index rises 81.51 points.

KARACHI: Led by the banking and cement sector, the index continued its upward trend crossing 26,427 points intraday.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index had risen 0.31% or 81.51 points to end at 26,341.08.

“Pakistan equities continued with the positive momentum, gaining around (+0.6%) before late selling pushed the index to close a little above 80 points in black,” said Fareesa Baig of Elixir Securities.

Banking giants, Habib Bank Limited (PA +2.4%) and United Bank Limited (PA +1.3%) saw heightened investor interest during the day, gaining strength over expectations of secondary public offering at attractive prices.



“Volumes in small and mid cap stocks remained on the higher side, with cement names to the likes of Lafarge Cement (PA +9.25%), Maple Leaf Cement (PA +1.25%) and Fauji Cement (PA +0.7%) among the most traded, while Karachi Electric Supply Company (PA +1.98%) also continued to lead volume charts,” he said.

JS Global Capital analyst Fahad Ali stated that interest during the day was seen in blue chip stocks as well as second-tier stocks.

“The Economic Cooperation Committee had a meeting to discuss key projects including proposal of Petroleum Ministry on sale of gas to Engro Fertilizer (EFL) as Engro Corp remained volatile for the day,” Ali said.

Trade volumes fell to 321 million shares compared with Tuesday’s tally of 336 million.

Shares of 413 companies were traded on Wednesday. At the end of the day, 242 stocks closed higher, 152 declined while 19 remained unchanged. The value of shares traded during the day was Rs10.6 billion.



Lafarge Pakistan was the volume leader with 33 million shares, gaining Rs0.80 to finish at Rs9.45. It was followed by Azgard Nine with 19.9 million shares, gaining Rs0.49 to close at Rs8.73 and Pakistan International Airlines with 17.8 million shares, gaining Rs0.08 to close at Rs9.63.

Foreign institutional investors were net sellers of Rs313 million, according to data maintained by the National Clearing Company of Pakistan Limited.Published in The Express Tribune, January 9^th, 2014.

Published in The Express Tribune, January 9^th, 2014.

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