Market watch: Index touches record high as investors consolidate

Benchmark 100-share index rises 252.86 points.

Our Correspondent July 16, 2015
Benchmark 100-share index rises 252.86 points.

KARACHI: The index touched an all-time high as activity in blue-chip stocks and investors consolidating position before the lengthy Eid break helped the market close in the black.

Activity in banking and oil shares kept the momentum elevated as investors keenly await the results announcement with volumes topping 550 million.

At close, the benchmark Karachi Stock Exchange (KSE)-100 index stood at 35,699.75, increasing 0.71% or 252.86 points.

JS Global analyst Mohammad Rizwan said that expectation of better corporate results meant investor took fresh position. “Benchmark rallied by 252.86 points to close at an all-time high,” said Rizwan. “Major support was witnessed from index-heavy bank and oil sectors.”

Nepra’s proposed electricity tariff cut on account of fuel adjustment is expected to have a positive impact on the textile sector, a prelude of which was the high interest witnessed on Wednesday.

Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipeline (SNGP) continued their positive momentum for the second consecutive day as both stocks closed at their upper circuit

“Habib Bank (HBL), MCB Bank (MCB), Pakistan Petroleum (PPL) and Oil and Gas Development (OGDC) increased by 2%, 1%, 2% and 1%, respectively.”

Shares of 380 companies were traded on Wednesday. Of these, 256 companies closed higher, 105 fell and 19 remained unchanged.

Trading volumes increased to 551 million compared to 417 million on Tuesday.

Lotte Chemical was the volume leader with 60.9 million shares, gaining Rs0.93 to close at Rs8.03. It was followed by Dewan Salman with 31.1 million shares, gaining Rs0.58 to close at Rs4 and Pakistan International Bulk Terminal with 31 million shares, gaining Rs1.33 to close at Rs42.43.

Foreign institutional investors were net buyers of Rs74.2 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, July 16th,  2015.

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