The inflation number excited the bulls as CPI for January came in at 7.91% against the consensus expectation of 7.95%. PHOTO: FILE
“The market closed positive with the help of index heavy oil names with Oil and Gas Development Company (OGDC PA +0.6%) and Pakistan Oilfields (POL PA +1.9%) gaining on hopes of better production numbers going forward,” said Faisal Bilwani of Elixir Securities.
“Stocks opened positive as market cheered Pakistan Telecommunication Company Limited’s (PTC +3.9%) better than expected 2013 earnings.
“The market saw resistance and profit-taking at 27,000 levels, however, the CPI inflation reading announced mid day at 7.91% year-on-year for January 2014 kept the momentum strong.”
Interestingly, cement sector was a disappointment and failed to keep pace with the broader market, while textiles mainly Nishat Chunian (NCL PA +3%) and Nishat Mills (NML PA +3.9%) generated interest ahead of half-yearly earnings announcements, Bilwani added.
Engro Polymer (+6%) also put up a star performance after announcing an earning per share of Rs1.07 for calendar year 2013 versus a marginal profit last year as the company’s Vinyl Chloride Monomer plant operated without technical issues during the past year. The inflation number also excited the bulls as CPI for January came in at 7.91% against the consensus expectation of 7.95%, Ahsan added
Trade volumes fell to 292 million shares compared with Friday’s tally of 346 million.
Shares of 406 companies were traded on Monday. At the end of the day, 201 stocks closed higher, 187 declined and 18 remained unchanged. The value of shares traded during the day was Rs11 billion.
Jahangir Siddiqui and Company was the volume leader with 22.2 million shares, gaining Rs0.83 to finish at Rs12.27. It was followed by Fauji Cement with 18.6 million shares, losing Rs0.23 to close at Rs16.61 and Bank of Punjab (Rights) with 16.7 million shares, losing Rs0.16 to close at Rs2.91.
Foreign institutional investors were net buyers of Rs314 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 4th, 2014.
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