Business

Market watch: Index closes positive third successive time

Benchmark 100-share index gains 527.19 points.

Our Correspondent April 02, 2015

Foreign institutional investors were net buyers of Rs1.12 billion worth of shares during the session. PHOTO: RASHID AJMERI/EXPRESS

KARACHI: The index continued its ride in the black, closing positive for the third successive time with the benchmark now up 7.6% from recent low this Monday.

At close on Thursday, the Karachi Stock Exchange (KSE)-100 Index closed at 31,132.25 on Thursday, registering an increase of 1.72% or 527.19 points.

“Stocks opened positive and tracked flows to cross 31,000 with no reports of sizeable foreign selling supporting the momentum,” said Faisal Bilwani of Elixir Securities.

“Cements led the gains with DG Khan (DGKC PA +5%) and Maple Leaf Cement (MLCF PA +5%) hitting upper price limit while retail favourite Pak Elektron (PAEL PA +4.7%) led volumes and hit upper limit near close after announcing 2014 earnings that doubled in a year.

“Institutional interest was across the board as fear finally subsided with value buyers now aggressively building positions; less than seven stocks on the index closed the red.

“With most regional markets closed today, volumes may be unusual while locals are likely to continue to remain bullish and accumulate value plays. We continue to favour PSO, APL, ENGRO, FATIMA, PTC, FABL, DGKC, UBL and HUBC,” he said.

Trade volumes fell to 201 million shares compared to 245 million on Wednesday.

Shares of 371 companies were traded on Thursday. Of these, 80 companies declined, 268 closed higher and 23 remained unchanged. The value of shares traded during the day was Rs10.3 billion.

Pak Elektron was the volume leader with 39.4 million shares, gaining Rs2.17 to close at Rs48.37. It was followed by Fauji Cement with 12.2 million shares, gaining Rs1.40 to close at Rs30.67 and Southern Electric with 9.2 million shares, gaining Rs0.96 to close at Rs2.70.

Foreign institutional investors were net buyers of Rs1.12 billion worth of shares during the session, according to data maintained by the National Clearing Company of Pakistan.

Published in The Express Tribune, April 3^rd, 2015.

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