Market watch: Index keeps upward thrust, inches up near 31,900

Benchmark KSE-100 index increases 192.01 points.

Our Correspondent December 03, 2014

KARACHI: The benchmark index continued its northwards journey, maintaining its high momentum as the political situation improves with news of government negotiation getting stronger.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index increased 0.61% or 192.01 points to end at 31,872.73.

Elixir Securities analyst Haris Ahmed Batla said Pakistan equities opened positive carrying momentum from the previous sessions. “This was due to positives on the political front with the government and PTI ready to start talks,” said Batla.

“Lower inflation continued to attract interest in the cement and textile sectors.

“Giants such as DG Khan Cement (DGKC,+2.32%), Maple Leaf Cement (MLCF, +3.18%), Kohat Cement (KOHC, +4.97%) and Nishat Mills Limited (NML,+1.63%) dominated.

Oils traded mix with Oil & Gas Development Corporation (OGDC, +2.11%) closing green on value buying.

“Moreover, rumours surrounding concessionary gas price for Engro Fertilizer (EFERT, +2.56%) drew institutional interest while financials witnessed profit taking,” said Batla.

Meanwhile, JS Global analyst Muhammed Mobeen said volumes jumped as investors cheered signs of the political turmoil dissipating with both sides hinting at reverting to the negotiation table.

“K‐Electric continued to attract investor interest after the management turned around decades of financial illness through reversing operational and technical inefficiencies successfully making it a sustainable profitable entity.”

Trade volumes rose to 422 million shares compared to 337 million on Tuesday.

Shares of 400 companies were traded on Wednesday. Of these, 159 companies declined, 218 closed higher while 23 remained unchanged. The value of shares traded during the day was Rs19.1 billion.

K Electric Limited was the volume leader with 47.7 million shares, gaining Rs0.42 to close at Rs8.68. It was followed by Pakistan International Airline with 23.7 million shares, losing Rs0.05 to close at Rs7.81 and Summit Bank with 23.4 million shares, gaining Rs0.27 to close at Rs4.15.

Foreign institutional investors were net sellers of Rs38 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, December 4th, 2014.

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