Lafarge Pakistan was the volume leader with 42 million shares, gaining Rs0.73 to finish at Rs10.18. PHOTO: FILE
The index remained volatile, closing marginally over as investors booked profits after crossing the 26,500-barrier during the day.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index had risen 0.12% or 32.16 points to end at 26,373.24.
Fahad Ali of JS Global Capital said the index witnessed intraday correction where it plunged by 35 points, however, it recovered to close green with 32 points.
Muhammad Raza Rawjani of Elixir Securities said the index quickly brushed passed 26, 500 on the Economic Cooperation Committee’s approval of privatisation/sale of shares of several listed entities including Oil and Gas Development Company (PA +0.56%), Pakistan Petroleum (PA -0.3%), United Bank (PA +2.7%), Habib Bank (PA +3.8%) and Pakistan International Airlines (PA +3.5%).
“However, late profit-taking by local institutions at the record index level limited gains in the index which were further cut short by day traders running to square positions,” said Rawjani. “Second and third-tier stocks dominated the volume charts with no blue chip or top tier company in top 10.
“Engro Corp (PA -1.5%) was in pressure since morning after the ECC deferred the decision over providing subsidised gas to its new plant along with the ECC’s concern over the recent urea price hike. Likewise, reports of regulator suspending Pakistan Telecommunication Company Limited (PA -1.4%) wireless internet services pushed it in red,” he added.
Trade volumes rose to 427 million shares compared with Wednesday’s tally of 321 million.
Shares of 415 companies were traded on Thursday. At the end of the day, 183 stocks closed higher, 216 declined while 16 remained unchanged. The value of shares traded during the day was Rs11.9 billion.
Lafarge Pakistan was the volume leader with 42 million shares, gaining Rs0.73 to finish at Rs10.18. It was followed by PIA with 37 million shares, gaining Rs0.34 to close at Rs9.97 and Azgard Nine with 28.4 million shares, gaining Rs0.03 to close at Rs8.76.
Foreign institutional investors were net sellers of Rs63 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 10th, 2014.
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