Market watch: Optimistic Moody’s rating breaks KSE lull

Benchmark KSE-100 index rises 387.01 points.

Our Correspondent July 14, 2014

KARACHI: Stock market began the week on a high note amid the recent positive international rating of the country.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 1.32% or 387.01 points to end at 29,705.07.

Elixir Securities analyst Faisal Bilwani said Pakistan equities kicked off the week positive and broke the recent lull as Moody’s raised Pakistan debt outlook from negative to stable.

“Positive comments by rating’s agency highlighting stabilisation in the country’s external liquidity position and a strong commitment to reforms under the International Monetary Fund (IMF) programme was a major catalyst for equities,” said Bilwani.

“Index heavy Pakistan State Oil (PSO) +4.45% and MCB Bank (MCB) +2.2% had the most impact on KSE100 that closed at levels last seen more than four weeks back.”

Trade volumes rose further to 91 million shares compared with Friday’s tally of 54 million.

Shares of 322 companies were traded on Monday. At the end of the day, 198 stocks closed higher, 90 declined while 34 remained unchanged. The value of shares traded during the day was Rs6.0 billion.

Lafarge Pakistan Limited was the volume leader with 5.6 million shares, gaining Rs0.22 to finish at Rs16.16. It was followed by Pak Elektron Limited with 5.5 million shares, gaining Rs1.33 to close at Rs28.04 and Fauji Cement with 5 million shares, gaining Rs0.37 close at Rs19.82.

Foreign institutional investors were net buyers of Rs478 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, July 15th, 2014.

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