Market watch: Positive news flow provides impetus for rise in stocks
Benchmark KSE-100 index increases 179.69 points.
KARACHI:
The index played against regional sentiments to end in the black, breaking past the 30,000-point barrier, after news about the increase in foreign exchange reserves.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.6% % or 179.69 points to end at 30,158.63.
“News of the forex reserves along with Coalition Support Fund and World Bank agreeing to provide loan for rehabilitation of IDPs affected by military operation in the tribal areas also pushed the index towards a positive close,” said Elixir Securities analyst Sibtain Mustafa.
“Refinery sector ended on their respective locks after GRMs were recorded at their recent time highs thanks to declining international oil price.
“Oil and Gas regulatory authority (OGDC PA -0.61%) failed to close at its highs after the Supreme Court issued a decision in favour of continuing the transaction but reserved over its share transfer till the next hearing 13 October 13, 2014.
“The flush of local and foreign liquidity along with declining local inflation because of declining international oil prices and supportive FX reserves will likely channel funds from major institutional clients.
“In the banking sector, we recommend UBL, HBL, HMB, ABL and NBP along with IPPs like Hubco and Kapco and cements,” Mustafa said.
Trade volumes rose to 230 million shares compared to Thursday’s tally of 120 million.
Shares of 398 companies were traded on Friday. Of these, 121 companies declined, 250 closed higher while 27 remained unchanged. The value of shares traded during the day was Rs8.7 billion.
The Bank of Punjab was the volume leader with 23.1 million shares, gaining Rs0.47 to close at Rs8.53. It was followed by Ghani Automobile with 22.2 million shares, gaining Rs1 to close at Rs6.54 and Dewan Motors with 12.1 million shares, gaining Rs1 to close at Rs9.8.
Foreign institutional investors were net seller of Rs333 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, October 11th, 2014.
The index played against regional sentiments to end in the black, breaking past the 30,000-point barrier, after news about the increase in foreign exchange reserves.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.6% % or 179.69 points to end at 30,158.63.
“News of the forex reserves along with Coalition Support Fund and World Bank agreeing to provide loan for rehabilitation of IDPs affected by military operation in the tribal areas also pushed the index towards a positive close,” said Elixir Securities analyst Sibtain Mustafa.
“Refinery sector ended on their respective locks after GRMs were recorded at their recent time highs thanks to declining international oil price.
“Oil and Gas regulatory authority (OGDC PA -0.61%) failed to close at its highs after the Supreme Court issued a decision in favour of continuing the transaction but reserved over its share transfer till the next hearing 13 October 13, 2014.
“The flush of local and foreign liquidity along with declining local inflation because of declining international oil prices and supportive FX reserves will likely channel funds from major institutional clients.
“In the banking sector, we recommend UBL, HBL, HMB, ABL and NBP along with IPPs like Hubco and Kapco and cements,” Mustafa said.
Trade volumes rose to 230 million shares compared to Thursday’s tally of 120 million.
Shares of 398 companies were traded on Friday. Of these, 121 companies declined, 250 closed higher while 27 remained unchanged. The value of shares traded during the day was Rs8.7 billion.
The Bank of Punjab was the volume leader with 23.1 million shares, gaining Rs0.47 to close at Rs8.53. It was followed by Ghani Automobile with 22.2 million shares, gaining Rs1 to close at Rs6.54 and Dewan Motors with 12.1 million shares, gaining Rs1 to close at Rs9.8.
Foreign institutional investors were net seller of Rs333 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, October 11th, 2014.