KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.64% or 171.09 points to end at 26,761.78.
The stock market continued the upward trend, amid upbeat broader market sentiments with the index flirting with new highs before closing 170 points above, mainly helped by gains in oil names.
Fareesa Baig of Elixir Securities said selected energy names seemed to regain lost glory, gaining strength and testing new highs over heightened foreigner interest in Pakistan Oil Fields (+1.9%), along with Pakistan State Oil (+0.4%) that rallied mid-day over expectations of a possible hike in oil marketing company’s margins.
“On the other hand, cements traded relatively volatile with selling in Lucky Cement (-1.6%) and Maple Leaf Cement (-1.5%) denting overall sector sentiments,” the analyst said.
Retail plays continued to churn high volumes with investor interest active in stocks to the likes of Karachi Electric Supply Company (KESC PA +1.4%), Azgard Nine (ANL PA +7.9%) and Jahangir Siddiqui (JSCL PA +10%).
JS Global Capital Analyst Khalil Usmani said the exploration and production sector was the star performer today where Pakistan Oil Fields led the board.
“Insurance sector outperformed the market where most of the stocks closed at upper circuits,” he said. “Profit taking was witnessed in the textile sector today, while cements remained lackluster for most part of the day.”
Trade volumes rose to 306 million shares compared with Monday’s tally of 193 million.
The value of shares traded during the day was Rs10 billion.
Jahangir Siddiqui and Company was the volume leader with 30.6 million shares, gaining Rs1.00 to finish at Rs10.98. It was followed by Azgard Nine with 21.5 million shares, gaining Rs0.68 to close at Rs9.20 and Karachi Electric Supply Company with 19 million shares, gaining Rs0.09 to close at Rs6.53.
Foreign institutional investors were net sellers of Rs37 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 16th, 2014.
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Please check your figures before reporting, KESC's volume was 37 million not 19 million. JSCL's volume was 44.75 million.