Market watch: Index ends week on a high
Benchmark 100-share index increases 318.38 points.
KASB Bank was the volume leader with 45.1 million shares, gaining Rs0.17 to close at Rs3.45 PHOTO: REUTERS
KARACHI:
Pakistan equities ended positive on Friday as investors’ interest gained on earnings results and increase in the international price of crude oil. Banks, cement and oil sectors were largely gainers as the benchmark index inched over 33,775 points.
At close on Friday, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,775.12 points, registering a rise of 0.95 % or 318.38 points.
Elixir Securities analyst Harris Ahmed Batla said Pakistan equities opened positive carrying momentum from the previous session. “Oils led rally while the wider market followed,” said Batla.
“Oil and Gas Development Company (OGDC, + 2.3%) and Pakistan Petroleum (PPL, +1.3%) rallied in early trade following an uptick in the international crude where the later was supported by quarterly earnings meeting market expectations.”
“Other results announcement, namely United Bank Limited (UBL, +3.6%) and Engro Fertilizers (EFERT,+1%) beat market expectations fetching buying interest.”
Engro Fertilizer ahead of its Secondary Public Offering (SPO) pushed its parent company, Engro Corp (ENGRO, +1.8%), to its recent highs as the holding company will book gains through its sell off, added Batla.
On the other hand, cement players witnessed profit taking with the exception of D.G. Khan cement (DGKC, +3.8%), closing on a high on value buying.
Trade volumes fell to 307 million shares compared to 348 million on Thursday.
Shares of 354 companies were traded. Of these, 192 companies closed higher, 141 saw a decline and 21 remained unchanged. The value of shares traded during the day was Rs15.3 billion.
KASB Bank was the volume leader with 45.1 million shares, gaining Rs0.17 to close at Rs3.45. It was followed by Pak Elektron with 26.5 million shares, gaining Rs0.04 to close at Rs63.64 and Byco Petroleum with 18.6 million shares, losing Rs0.31 to close at Rs12.47.
Foreign institutional investors were net sellers of Rs108 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 25th, 2015.
Pakistan equities ended positive on Friday as investors’ interest gained on earnings results and increase in the international price of crude oil. Banks, cement and oil sectors were largely gainers as the benchmark index inched over 33,775 points.
At close on Friday, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,775.12 points, registering a rise of 0.95 % or 318.38 points.
Elixir Securities analyst Harris Ahmed Batla said Pakistan equities opened positive carrying momentum from the previous session. “Oils led rally while the wider market followed,” said Batla.
“Oil and Gas Development Company (OGDC, + 2.3%) and Pakistan Petroleum (PPL, +1.3%) rallied in early trade following an uptick in the international crude where the later was supported by quarterly earnings meeting market expectations.”
“Other results announcement, namely United Bank Limited (UBL, +3.6%) and Engro Fertilizers (EFERT,+1%) beat market expectations fetching buying interest.”
Engro Fertilizer ahead of its Secondary Public Offering (SPO) pushed its parent company, Engro Corp (ENGRO, +1.8%), to its recent highs as the holding company will book gains through its sell off, added Batla.
On the other hand, cement players witnessed profit taking with the exception of D.G. Khan cement (DGKC, +3.8%), closing on a high on value buying.
Trade volumes fell to 307 million shares compared to 348 million on Thursday.
Shares of 354 companies were traded. Of these, 192 companies closed higher, 141 saw a decline and 21 remained unchanged. The value of shares traded during the day was Rs15.3 billion.
KASB Bank was the volume leader with 45.1 million shares, gaining Rs0.17 to close at Rs3.45. It was followed by Pak Elektron with 26.5 million shares, gaining Rs0.04 to close at Rs63.64 and Byco Petroleum with 18.6 million shares, losing Rs0.31 to close at Rs12.47.
Foreign institutional investors were net sellers of Rs108 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 25th, 2015.