Market watch: Index moves past 29,000 again

Benchmark KSE-100 index gains 313.07 points.

KARACHI: Financials helped the index recover as it went past the 29,000 level again.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 1.08% or 313.07 points to end at 29,191.84.

Faisal Bilwani of Elixir Securities said Pakistan equities covered some of its recent losses to close above 29,000 as financials gained on reported foreigner buying.

“Stocks opened positive and volumes picked up as day progressed and earnings announcements started to hit the market with MCB Bank’s (MCB PA +1.8%) first quarter results that beat estimates helping channel fresh liquidity.



“United Bank Limited (UBL PA +5%) hit the upper price limit as buying from foreigners reportedly continued after Easter weekend,” said Bilwani.

Meanwhile, according to Ahsan Mehanti of Arif Habib Corporation, the stocks showed strong recovery in the quarter end earning announcement session on renewed foreign interest in banking and oil stocks on strong valuations.

“Speculations ahead of major earnings announcement in banking and oil stocks due this week and easing concerns on volatile rupee parity played a catalyst role in bullish activity at KSE, despite pressure in textile stocks amid losses on rupee appreciation,” said Mehanti.

Trade volumes rose to 191 million shares compared with Monday’s tally of 163 million.

Shares of 359 companies were traded on Tuesday. At the end of the day, 182 stocks closed higher, 157 declined while 20 remained unchanged. The value of shares traded during the day was Rs9.4 billion.



Maple Leaf Cement Limited was the volume leader with 19.4 million shares, gaining Rs0.52 to finish at Rs30.93. It was followed by LaFarge Pakistan Cement Limited with 10.6 million shares, gaining Rs0.39 to close at Rs13.70 and Faysal Bank with 9.9 million shares, gaining Rs0.56 to close at Rs17.19.

Foreign institutional investors were gross buyers of Rs250.7 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, April 23^rd, 2014.

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