Benchmark
KSE-100 index
gains 151.78 points.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.57% percent or 151.78 points to end at 26,821.92.
According to JS Global analyst Fahad Ali, major interest was seen in fertiliser and cement sector with Engro Fertilizers having the highest volumes.
“In the oil and gas sector, Pakistan Petroleum Limited (PPL) saw an upward trend following an announcement regarding a gas discovery at Exploration Well, Naushahro Firoze X - 1 in Naushahro Firoz Block, Sindh.
“PPL is the operator of the block with a working interest of 90%. This resulted in positive sentiments in PPL and therefore high volumes,” concluded Ali.
Meanwhile, Jawwad Aboobakar of Elixir Securities claimed that the upward trend continued due to selected financials and oil companies driving the index.
“Fatima Fertilizer (FATIMA PA +0.66%) saw investor interest over expectations of a high payout, pushing its holding company Arif Habib Corporation (AHCL PA +5%) to close at its upper price limit,” said Aboobakar.
“United Bank Limited (UBL PA +2.25%) and Bank Al-Falah (BAFL PA +0.43%) gained on heightened investor interest while cements recovered after remaining laggard with Maple Leaf Cement (MLCF PA +1.3%) and Lucky Cement (LUCK PA +0.4%). Imperial Chemical Industry (ICI) Pakistan (ICI PA +2.94%) stayed strong over margin improvement due to decline in international coal prices along with recent PKR appreciation.”
Trade volumes rose to level of 123 million shares compared with Tuesday’s tally of 111 million.
Shares of 370 companies were traded on Wednesday. At the end of the day, 199 stocks closed higher, 158 declined while 13 remained unchanged. The value of shares traded during the day was Rs6.6 billion.
Engro Fertilizer Limited was the volume leader with 12.3 million shares, gaining Rs0.51 to finish at Rs59.91. It was followed by Faysal Bank with 9 million shares, gaining Rs0.35 to close at Rs13.64 and Maple Leaf Cement with 7.2 million shares, gaining Rs0.39 to close at Rs29.83.
Foreign institutional investors were net buyers of Rs311 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, March 27th, 2014.
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