At close of the last trading session of 2014, the Karachi Stock Exchange (KSE) benchmark 100-share index increased 0.56% or 177.38 points to end at 32131.28.
Elixir Securities analyst Faisal Bilwani said activity was selective with Pioneer Cement (PIOC PA +3.3%) leading volumes on local interest while Engro Corp (ENGRO PA +0.8%) attracted attention and closed positive after listed subsidiary Engro Fertilizers (EFERT PA +5%) hit the upper-price limit on earnings excitement.
“Most illiquid stocks had unusual moves primarily on end of the year window dressing,” said Bilwani. “Meanwhile, broader market tracked flows in absence of immediate triggers that were exciting enough to push investors to realign holdings on the year’s final trading session.
“We expect turnover to gradually pick up with macros and earnings keeping investors excited while politics is likely to gain attention in days ahead with investors following developments on government and Pakistan Tehreek-e-Insaf talks.”
Trade volumes rose to 202 million shares compared to 189 million on Tuesday.
Shares of 384 companies were traded on Wednesday. Of these, 131 companies declined, 227 closed higher and 26 remained unchanged. The value of shares traded during the day was Rs13.1 billion.
Pioneer Cement was the volume leader with 13.5 million shares, gaining Rs2.72 to close at Rs85.61. It was followed by Pak Elektron with 12.7 million shares, gaining Rs1.30 to close at Rs40.93 and Engro Corporation with 10.1 million shares, gaining Rs1.94 to close at Rs221.51.
Foreign institutional investors were net sellers of Rs366 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, January 1st, 2015.
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