Market Watch: Bourse continues its flight in the black
Benchmark 100-share index gains 270.86 points.
Benchmark 100-share index gains 270.86 points.
KARACHI:
Continuing its positive streak, the stock market sailed smoothly in the black on Thursday with the index closing above 34,500 points after a gap of four months.
Spillover effects from the optimistic MSCI news lent support with oil and gas companies drawing most of the interest. Besides these, the high-earning sectors were fertiliser and bank that kept the momentum high.
At close, the Karachi Stock Exchange (KSE) 100-share index recorded a rise of 0.79% or 270.86 points to end at 34,594.70.
Elixir Securities analyst Faisal Bilwani said the equities closed positive for the fourth consecutive session as index-heavy oil and bank stocks pushed the benchmark index to settle near 34,600.
“Fertilisers also attracted attention with Fauji Fertilizer (+3.6%) closing at record high on reported foreign buying,” said Bilwani. “Engro Corp (+1%) closed with trimmed gains.”
Oil and Gas Development Company (+3.5%) closed at a three-month high on talk of positive developments in exploration activity at a key field while the MSCI’s reclassification news also brought this index-heavy name in the limelight.
“With meat producer Al Shaheer IPO near 3.7x to offer volume … investors hunted opportunities in consumer space and ensured interest in the wider market stays alive,” said Bilwani.
A Topline Securities analyst said continued interest in the exploration and production sector was witnessed.
“Volumes traded up 14% while value increased by 6% from Wednesday,” the analyst said. “Institutional support was seen in Fauji Fertilizer Company (up 3.59%) and Fauji Fertilizer Bin Qasim (up 5%) on the back of attractive valuations.” Trade volumes increased to 381 million shares compared to 332 million on Wednesday. The value of shares traded during the day was Rs16 billion.
Shares of 385 companies were traded. Of these, 232 companies closed higher, 136 fell and 17 remained unchanged.
Jahangir Siddiqui and Company was the volume leader with 29.7 million shares, gaining Rs0.90 to close at Rs20.66. It was followed by Lotte Chemical with 22.6 million shares, gaining Rs0.55 to close at Rs7.01 and Pakistan International Bulk Terminal with 19.7 million shares, gaining Rs0.57 to close at Rs37.70.
Foreign institutional investors were net buyers of Rs529 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, June 12th, 2015.
Continuing its positive streak, the stock market sailed smoothly in the black on Thursday with the index closing above 34,500 points after a gap of four months.
Spillover effects from the optimistic MSCI news lent support with oil and gas companies drawing most of the interest. Besides these, the high-earning sectors were fertiliser and bank that kept the momentum high.
At close, the Karachi Stock Exchange (KSE) 100-share index recorded a rise of 0.79% or 270.86 points to end at 34,594.70.
Elixir Securities analyst Faisal Bilwani said the equities closed positive for the fourth consecutive session as index-heavy oil and bank stocks pushed the benchmark index to settle near 34,600.
“Fertilisers also attracted attention with Fauji Fertilizer (+3.6%) closing at record high on reported foreign buying,” said Bilwani. “Engro Corp (+1%) closed with trimmed gains.”
Oil and Gas Development Company (+3.5%) closed at a three-month high on talk of positive developments in exploration activity at a key field while the MSCI’s reclassification news also brought this index-heavy name in the limelight.
“With meat producer Al Shaheer IPO near 3.7x to offer volume … investors hunted opportunities in consumer space and ensured interest in the wider market stays alive,” said Bilwani.
A Topline Securities analyst said continued interest in the exploration and production sector was witnessed.
“Volumes traded up 14% while value increased by 6% from Wednesday,” the analyst said. “Institutional support was seen in Fauji Fertilizer Company (up 3.59%) and Fauji Fertilizer Bin Qasim (up 5%) on the back of attractive valuations.” Trade volumes increased to 381 million shares compared to 332 million on Wednesday. The value of shares traded during the day was Rs16 billion.
Shares of 385 companies were traded. Of these, 232 companies closed higher, 136 fell and 17 remained unchanged.
Jahangir Siddiqui and Company was the volume leader with 29.7 million shares, gaining Rs0.90 to close at Rs20.66. It was followed by Lotte Chemical with 22.6 million shares, gaining Rs0.55 to close at Rs7.01 and Pakistan International Bulk Terminal with 19.7 million shares, gaining Rs0.57 to close at Rs37.70.
Foreign institutional investors were net buyers of Rs529 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, June 12th, 2015.