Market watch: Led by oil and finance, index closes slightly positive

Benchmark KSE-100 index increases 17.87 points.

KARACHI: The index opened positive and continued its uptrend trend led by select oil names and financials.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.07% or 17.87 points to end at 27,246.97.

“Fatima Fertilizer (FATIMA PA +1.4%) saw interest on expectations of a high payout, pushing its holding company Arif Habib Corporation (AHCL PA +4.8%) to its upper price limit during the day,” said Naveen Yaseen from Elixir Securities.



“Pakistan State Oil (PSO PA +1.3%) attracted local interest and gained after it announced to acquire Chevron’s stake in Pakistan Refinery (PRL PA +5%) which is expected to help the OMCs secure further fuel supplies.

“Moreover, Sui Southern Gas Company (SSGC PA +5%) hit its second consecutive upper price limit as the company has reduced UFG losses by over 3% during last year. Among banks, Bank Alfalah (BAFL PA +1.2%) gained on heightened investor interest,” Yaseen said.

Meanwhile, Mujtaba Barakzai of JS Global said that Engro Foods Limited (EFOODS) rallied 2.7% up on expectations of a good result in 1Q2014, expansion of its milk business (Mabrook), development on the powder plant and talks on re-structuring of Olfrute juices.

Trade volumes fell to 167 million shares compared with Monday’s tally of 209 million.



Shares of 373 companies were traded on Tuesday. The value of shares traded during the day was Rs7.8 billion.

Faysal Bank was the volume leader with 19.6 million shares, gaining Rs0.20 to finish at Rs13.20. It was followed by TRG Pakistan with 16.5 million shares, gaining Rs0.34 to close at Rs14.44 and Engro Food Limited with 7.3 million shares, gaining Rs3.05 to close at Rs116.68.

Foreign institutional investors were net sellers of Rs181 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, March 19^th, 2014.

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