Market watch: Index’s upward run continues

Benchmark KSE-100 index increases 188.34 points.

Our Correspondent July 21, 2014
Market watch: Index’s upward run continues

KARACHI: The index continued with its recent uptrend, amid upbeat broader market sentiments, nearing new highs at 30,500 levels mainly helped by gains in oil names.

At close, the KSE benchmark 100-share index rose 0.62% or 188.34 points to end at 30,413.23.

“Energy names to the likes of oil and gas development (OGDC PA +1.85%), Pakistan Petroleum (PPL PA +2.13%) gained strength and tested highs over heightened foreign and local interest,” said Jawwad Aboobakar of Elixir Securities.

“While cements traded in green with Lucky Cement (LUCK PA 1.77%), Maple Leaf (MLCF PA 3.07%) and Cherat Cement (CHCC PA +5%) cheery over rumours of Lafarge Cement (LPCL PA +3.16%) acquisition doing rounds.

“On the other hand, Askari Bank (AKBL PA +5.18%) attracted considerable retail interest over its half yearly earnings that clocked in at Rs1.7/share (against a loss per share of Rs3.28 same period last year) along with an interim cash dividend of Rs1/share,” he said.

“We expect the market to continue with the recent momentum as the earnings season soon starts in full swing, while foreign flows to also guide direction ahead,” Aboobakar said.

Trade volumes rose to 193 million shares compared with Friday’s tally of 137 million.

Shares of 334 companies were traded on Monday. At the end of the day, 155 stocks closed higher, 151 declined, while 28 remained unchanged. The value of shares traded during the day was Rs10.2 billion.

Lafarge Pakistan was the volume leader with 31.2 million shares, gaining Rs0.52 to finish at Rs16.96. It was followed by Fauji Cement with 19.9 million shares, gaining Rs0.03 to close at Rs21.07 and Askari Bank with 14.7 million shares, gaining Rs1 to close at Rs20.31.

Foreign institutional investors were net buyers of Rs558 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, July 22nd, 2014.

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