Market watch: Index crosses another milestone, closes above 32,000
Benchmark KSE-100 index increases 303.61 points .
KARACHI:
The index reached another key milestone and closed above 32,000 on strong momentum carried forward from the previous session over news of a 50bps rate cut.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.96% or 303.61 points to end at 32,006.40.
According to Elixir Securities analyst Faisal Bilwani, the day started off slow and stocks struggled to make fresh gains with news of trading suspension of a large broker denting sentiment.
“Cements led the charge with Lucky Cement (LUCK PA +5%) and DG Khan Cement (DGKC PA +5%) hitting their respective upper limits, while Engro Corporation (ENGRO PA +5%) continued on a northbound ride. Pakistan State Oil (PSO PA +4%) also added to recent gains on institutional interest.
“Oils showed some signs of recovery as Pakistan Oilfield (POL PA +1.4%) bucked the recent trend.
“We expect increased volatility while flows, primarily from foreign investors, will continue to guide the wider market direction in days ahead,” Bilwani said.
Meanwhile, JS Global analyst Ovais Ahsan said anticipation of a favorable drug policy created interest in the pharmaceutical sector as Ferozson’s Laboratories, IBL Healthcare and Searle all hit their upper cap (+5%).
“Volume leaders were DG Khan Cement (+4.9%) and Maple Leaf Cement (+2.3%) as the cement sector remained in the limelight,” he concluded.
Trade volumes rose to 312 million shares compared to 276 million on Monday.
Shares of 393 companies were traded on Tuesday. Of these, 193 companies declined, 177 closed higher while 23 remained unchanged. The value of shares traded during the day was Rs18.9 billion.
Jahangir Siddiqui and Company was the volume leader with 25.8 million shares, losing Rs0.12 to close at Rs14.59.
It was followed by DG Khan Cement with 22.6 million shares, gaining Rs4.27 to close at Rs92.12 and Maple Leaf Cement with 19.2 million shares, gaining Rs0.79 to close at Rs19.2.
Foreign institutional investors were net buyers of Rs128 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, November 19th, 2014.
The index reached another key milestone and closed above 32,000 on strong momentum carried forward from the previous session over news of a 50bps rate cut.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.96% or 303.61 points to end at 32,006.40.
According to Elixir Securities analyst Faisal Bilwani, the day started off slow and stocks struggled to make fresh gains with news of trading suspension of a large broker denting sentiment.
“Cements led the charge with Lucky Cement (LUCK PA +5%) and DG Khan Cement (DGKC PA +5%) hitting their respective upper limits, while Engro Corporation (ENGRO PA +5%) continued on a northbound ride. Pakistan State Oil (PSO PA +4%) also added to recent gains on institutional interest.
“Oils showed some signs of recovery as Pakistan Oilfield (POL PA +1.4%) bucked the recent trend.
“We expect increased volatility while flows, primarily from foreign investors, will continue to guide the wider market direction in days ahead,” Bilwani said.
Meanwhile, JS Global analyst Ovais Ahsan said anticipation of a favorable drug policy created interest in the pharmaceutical sector as Ferozson’s Laboratories, IBL Healthcare and Searle all hit their upper cap (+5%).
“Volume leaders were DG Khan Cement (+4.9%) and Maple Leaf Cement (+2.3%) as the cement sector remained in the limelight,” he concluded.
Trade volumes rose to 312 million shares compared to 276 million on Monday.
Shares of 393 companies were traded on Tuesday. Of these, 193 companies declined, 177 closed higher while 23 remained unchanged. The value of shares traded during the day was Rs18.9 billion.
Jahangir Siddiqui and Company was the volume leader with 25.8 million shares, losing Rs0.12 to close at Rs14.59.
It was followed by DG Khan Cement with 22.6 million shares, gaining Rs4.27 to close at Rs92.12 and Maple Leaf Cement with 19.2 million shares, gaining Rs0.79 to close at Rs19.2.
Foreign institutional investors were net buyers of Rs128 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, November 19th, 2014.