Market Watch: Index’s upward strides continue

Benchmark KSE-100 index rises 207.35 points

Our Correspondent January 09, 2015
Benchmark KSE-100 index rises 207.35 points.

KARACHI: Led by oil stocks and interest of foreign institutional buyers, the index consolidated its level over 33,000 and managed to end the week in the black.

At close, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.63% or 207.35 points to end at 33,324.82.

“Pakistan Oil Fields (POL PA +4.8%) managed to close at upper price limit while Oil and Gas Development Company (OGDC PA +2.59%) and Pakistan Petroleum Limited (PPL PA +1.81%) rallied tracking recovery in international crude,” said Harris Ahmed Batla of Elixir Securities.

“Financials showed little resistance ahead of the monetary policy as investors anticipate 100bps rate cut while Engro Corporation (ENGRO PA -1.04%) and Engro Fertilizers (EFERT PA -2.03%) witnessed profit along with cements ahead of the weekend,” he said.

Meanwhile, JS Global analyst Muhammad Mobeen said that Attock Refinery Limited (+2.9%) rallied on the back of slight improvement in gross refining margins.

“The cement sector and Engro remained under pressure as investors opted to book profits.

“Going forward, we expect the market to continue its bullish momentum and we refer banks as the year end results are just round the corner. We expect volatile market near 33k levels and we advise staying long in Engro and cements,” Mobeen suggested.

Trade volumes rose to 355 million shares compared to 273 million on Wednesday.

Shares of 363 companies were traded on the last trading session of the week. Of these, 156 companies declined, 185 closed higher and 22 remained unchanged. The value of shares traded during the day was Rs17 billion.

NIB Bank Limited was the volume leader with 27.8 million shares, gaining Rs0.10 to close at Rs2.70. It was followed by Pak Elektron with 24.2 million shares, gaining Rs1.65 to close at Rs48.18 and Jahangir Siddiqui and Company with 21.8 million shares, gaining Rs0.40 to close at Rs15.77.

Foreign institutional investors were net buyers of Rs104 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 10th, 2015.

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