Market watch: After days of low, stock market ends week on a high

Benchmark KSE-100 index rises 96.55 points.

KARACHI: The stock market took a breather on the last day of the week, managing to finish in the green.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.38% or 96.55 points to end at 25,603.35.

“Engro Fertilizer (EFERT PA +5%) was the stock of the day, changing sentiments after hitting upper circuit on rumours of gas availability on discounted rates pulling along parent companies Engro Corp (ENGRO PA +5%) and Dawood Hercules (DAWH PA +5%),” said Harris Ahmed Batla of Elixir Securities.



“Cements, that remained losers throughout the week, were quick to respond, recovering sharply led by Maple Leaf Cement (MLCF PA +4.6%) and Lafarge Cement (LPCL PA +9.2%). Banks sustained levels throughout the week on expected earnings and payout excitement.”

Wasi Khan of JS Global said blue chips helped the market close in the green. “Strong buying in blue chips, predominantly in ENGRO (+5%) and EFERT (+5%), helped the market recover. As a result, the KSE‐100 closed in the green.”

Investor sentiment may also have been stoked because of leaked information before Ishaq Dar’s press conference about the upcoming spectrum auction.

Trade volumes rose to 232 million shares compared with Thursday’s tally of 196 million.



Shares of 375 companies were traded on Friday. At the end of the day, 224 stocks closed higher, 134 declined while 17 remained unchanged. The value of shares traded during the day was Rs7.9 billion.

Lafarge Pakistan was the volume leader with 35.17 million shares, gaining Rs0.98 to finish at Rs11.64. It was followed by TRG Pakistan with 19.84 million shares, losing Rs0.03 to close at Rs12.58 and Jahangir Siddiqui and Company with 13.77 shares, gaining Rs0.21 to close at Rs12.29.

Foreign institutional investors were net sellers of Rs82 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, February 22^nd, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.