Market watch: Index sustains level in the black

Benchmark KSE-100 index rises 167.21 points

Our Correspondent January 07, 2015
At close, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.51% or 167.21 points to end at 32,835.95. PHOTO: AFP

KARACHI: Backed by the banking and oil sector, the index edged higher as investors ignored global lows in crude oil with local and foreign liquidity helping sustain momentum.

At close, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.51% or 167.21 points to end at 32,835.95.

Elixir Securities Analyst Sibtain Mustafa said cements maintained their drive with Maple Leaf Cement (MLCF PA +1.3%) reaching new highs while DG Khan Cement (DGKC PA +0.1%) closed marginally positive.

“Pakistan Telecom (PTC PA +5%) attracted fresh flows and hit the upper price limit on story of possible formation of ICH to monitor grey trafficking as part of counter terrorism measure by the government,” said Mustafa. “Such formation will be beneficiary for PTC revenues.”

“Engro Corp (ENGRO PA -0.13%) traded volatile to close with a miniscule change as buying on earnings was countered by profit booking.

Overall, momentum remains upbeat with institutions looking for monetary policy due to be announced on January 16.”

The analyst said the market is expected to trade range bound with a mild correction in the offing as international markets may adjust to lower oil prices, and resultant outflows from foreigners. “Textile is expected to show growth, while oil stocks will continue increase over yield.”

Trade volumes rose to 264 million shares compared to 255 million on Tuesday.

Shares of 379 companies were traded on Wednesday. Of these, 173 companies declined, 184 closed higher and 22 remained unchanged. The value of shares traded during the day was Rs14.1 billion.

K-Electric Limited was the volume leader with 15.4 million shares, losing Rs0.11 to close at Rs10.08. It was followed by Adamjee Insurance with 13.4 million shares, losing Rs0.24 to close at Rs50.80 and Maple Leaf Cement with 13 million shares, gaining Rs0.60 to close at Rs48.08.

Foreign institutional investors were net sellers of Rs344 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 8th, 2015.

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