Market watch: Stocks jump 240 points to close at 28-month high
The Karachi Stock Exchange benchmark 100-share index ended 2.19 per cent higher at 11,205.84 points.
KARACHI:
Stocks jumped 239.84 points as across-the-board buying after a long weekend took the market to a 28-month high.
The Karachi Stock Exchange benchmark 100-share index ended 2.19 per cent higher at 11,205.84 points, its highest close since July 2008.
The bulls completely dominated the market on continued strong foreign interest and institutional buying mostly in the oil and gas sector, said Arif Habib Investments director Ahsan Mehanti.
Pakistan Oilfields, which closed at its upper limit (Rs5), led the sector with buying reportedly by large local groups. News that oil and gas production from Makori East would be higher than expected created investor interest in the scrip, said Topline Securities analyst Samar Iqbal.
Oil and Gas Development Company (OGDC) surprised investors by closing up 4.2 per cent as local institutions grabbed shares of the index heavyweight following news that gas production by the company-owned field, Qadirpur, had increased after installation of most of the compressors. The stock rose Rs6.74 to close at Rs166.23.
Total trading volume increased by 52.7 per cent to 113.3 million shares compared with the previous trading day’s 74.2 million shares.
Pakistan Petroleum Limited and Mari Gas rose by 4.2 per cent and 3.3 per cent, respectively.
The market is expected to remain buoyant in upcoming days on the back of development on leverage product that is the key to sustainable local interest and higher volumes, said Elixir Securities equity dealer Nazim Abdul Muttalib.
Shares of 378 companies were traded on Monday. At the end of the day, 249 stocks closed higher, 104 declined and 25 remained unchanged. The value of shares traded during the day was Rs6.54 billion.
Jahangir Siddiqui and Company was the volume leader with 10.08 million shares gaining Rs0.4 to finish at Rs12.95. It was followed by Lotte Pakistan PTA with 9.33 million shares losing Rs0.06 to close at Rs11.88 and Pakistan Oilfields with 5.61 million shares gaining Rs12.77 to close at Rs268.36.
Published in The Express Tribune, November 23rd, 2010.
Stocks jumped 239.84 points as across-the-board buying after a long weekend took the market to a 28-month high.
The Karachi Stock Exchange benchmark 100-share index ended 2.19 per cent higher at 11,205.84 points, its highest close since July 2008.
The bulls completely dominated the market on continued strong foreign interest and institutional buying mostly in the oil and gas sector, said Arif Habib Investments director Ahsan Mehanti.
Pakistan Oilfields, which closed at its upper limit (Rs5), led the sector with buying reportedly by large local groups. News that oil and gas production from Makori East would be higher than expected created investor interest in the scrip, said Topline Securities analyst Samar Iqbal.
Oil and Gas Development Company (OGDC) surprised investors by closing up 4.2 per cent as local institutions grabbed shares of the index heavyweight following news that gas production by the company-owned field, Qadirpur, had increased after installation of most of the compressors. The stock rose Rs6.74 to close at Rs166.23.
Total trading volume increased by 52.7 per cent to 113.3 million shares compared with the previous trading day’s 74.2 million shares.
Pakistan Petroleum Limited and Mari Gas rose by 4.2 per cent and 3.3 per cent, respectively.
The market is expected to remain buoyant in upcoming days on the back of development on leverage product that is the key to sustainable local interest and higher volumes, said Elixir Securities equity dealer Nazim Abdul Muttalib.
Shares of 378 companies were traded on Monday. At the end of the day, 249 stocks closed higher, 104 declined and 25 remained unchanged. The value of shares traded during the day was Rs6.54 billion.
Jahangir Siddiqui and Company was the volume leader with 10.08 million shares gaining Rs0.4 to finish at Rs12.95. It was followed by Lotte Pakistan PTA with 9.33 million shares losing Rs0.06 to close at Rs11.88 and Pakistan Oilfields with 5.61 million shares gaining Rs12.77 to close at Rs268.36.
Published in The Express Tribune, November 23rd, 2010.