Market watch: Stocks rise to close at 30-month high

The prices of 241 stocks went up as the KSE-100 index ended 57.56 points higher at 11, 844 on Monday.

KARACHI: Stocks continued to firm and closed at a 30-month high on Monday as investor confidence rose following a peaceful Muharram.

The Karachi Stock Exchange’s benchmark 100-share index ended 0.49 per cent or 57.56 points higher at 11,843.65.

“Chinese Prime Minister Wen Jiabao’s visit further strengthened market sentiments,” said Crosby Securities analyst Ovais Iqbal. “China and Pakistan concluded another $15 billion deals on Sunday, taking the total value of deals to $35 billion,” added Iqbal.

The trading volume remained sluggish at 113.3 million shares compared with the previous trading day’s 120.1 million shares.

Pakistan Petroleum closed down 0.8 per cent as investors booked gains with the stock up nearly eight per cent in the last seven sessions.

Pakistan State Oil remained the star performer, jumping 2.3 per cent on talk of foreign fund interest. Among banks, MCB Bank gained 1.9 per cent followed by minor gains in National Bank and United Bank.

The value of shares traded during the day was Rs5.62 billion.

WorldCall Telecom was the volume leader with 10.3 million shares gaining Rs0.02 to finish at Rs3.21.

Omantel, the parent company of WorldCall Telecom Limited (WTL), approved the issuance of corporate guarantee to a third party for providing $35 million to improve the financial health of its subsidiary under a five-year plan.

It was followed by Lotte Pakistan PTA with 7.46 million shares firming Rs0.06 to close at Rs13.23 and Nishat Mills with 7.06 million shares gaining Rs2.32 to close at Rs62.01.

Nishat Mills attracted attention as the company’s board approved the sale of 10 per cent shares in AES Pak Gen. The stock is likely to gain from the sale on asset revaluation, commented Elixir Securities equity dealer Nazim Abdul Muttalib.

Published in The Express Tribune, December 21^st, 2010.