Byco Petroleum was the volume leader with 23.5 million shares, gaining Rs0.73 to finish at Rs12.05. PHOTO: PPI/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.49% or 132.76 points to end at 27,309.02.
“Leading the rise was Engro Corporation (ENGRO PA +5%) that hit the upper price limit during the day with institutional investors being active participants in the name,” said Fareesa Baig of Elixir Securities. “Oil names continued with the momentum, with Oil and Gas Development Companies (OGDC PA +0.3%) and Pakistan Petroleum (PPL PA +1.9%) closing in black.
“Financials followed suit with MCB Bank (MCB PA +1.2%) and National Bank (NBP PA +2.2%) breaking out of their recent laggard momentum, inline with broader market.
“Honda Atlas Car (HCAR PA +5%) and Pak Suzuki Motors (PSMC PA +5%) attracted investor interest over expected increase in auto margins on the back of rupee appreciation and hit the upper price limit,” she said.
“We expect momentum to continue and stocks to remain buoyant, despite three days of net foreign institutional investor selling as locals play on macros and are now betting on a possible cut in benchmark rate. Having said this, we see a mid week breather but do expect KSE-100 to hold 27,000 in the near future,” Baig concluded.
Meanwhile, Ahsan Mehanti of Arif Habib Corp said that stocks sustained the rally to close at an all time high on strong valuations in oil, fertiliser and banking stocks. “Favorable trade deficit data and improved car sales data for July-Feb’14 and strong rupee dollar parity expected to lure remittances and foreign interest impacted the sentiments.”
Trade volumes rose to 305 million shares compared to Monday’s tally of 244 million.
The value of shares traded during the day was Rs14.9 billion.
Byco Petroleum was the volume leader with 23.5 million shares, gaining Rs0.73 to finish at Rs12.05. It was followed by Maple Leaf Cement with 18.7 million shares, losing Rs0.22 to close at Rs29.84 and Fauji Cement SPOT with 15.4 million shares, gaining Rs0.20 to close at Rs17.16.
Foreign institutional investors were net buyers of Rs313 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, March 12th, 2014.
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Looking at what else is going on especially with the Indian Rupee and Indonesian Rupiah it seems more like this is being triggered by global investors who just got burnt by People's Bank of China's engineer Yuan decline and are now deploying their capital to other countries including Pakistan.