Market watch: Selected interest helps index past 34,000

Benchmark 100-share index gains 177.12 points.


Our Correspondent June 05, 2015
At close on Thursday, the index recorded a rise of 0.52% or 177.12 points to end at 34,085.74. PHOTO: INP

KARACHI: Backed by institutional interest and select sectors, the Karachi Stock Exchange (KSE)-100 index crossed the 34,000-point barrier amid higher traded volumes.

At close on Thursday, the index recorded a rise of 0.52% or 177.12 points to end at 34,085.74.

Elixir Securities analyst Faisal Bilwani said Pakistan equities added to recent gains and managed to end the day at their highest close since February. “This outcome came about as foreign buying and institutional interest in index names helped overcome anxiety related to the budget,” said Bilwani. “Cements including DG Khan (DGKC, +.43%) and Maple Leaf Cement (MLCF, +3.5%) closed up on higher public spending allocation.

“Engro Corp (ENGRO, +1.4%) also closed positive on rumours that one of the fertiliser makers has successfully secured a stay order from court on gas cess on plants with locked in price mechanism,” said Bilwani.

Meanwhile, an analyst at Topline Securities said that continuous support from foreign and local fund managers helped the index.

Trade volumes increased to 362 million shares compared to 304 million on Wednesday.

Shares of 377 companies were traded on Thursday. Of these, 220 companies closed higher, 135 fell and 22 remained unchanged. The value of shares traded during the day was Rs14.1 billion. Southern Electric was the volume leader with 38.3 million shares, gaining Rs0.93 to close at Rs3.99. It was followed by Japan Power with 35.9 million shares, gaining Rs0.80 to close at Rs6.08 and K-Electric Limited with 34 million shares, losing Rs0.07 to close at Rs8.21.

Foreign institutional investors were net sellers of Rs320 million worth of shares during the session.

Published in The Express Tribune, June 5th,  2015.

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