Business

Market watch: Stocks post modest rise in thin trade

Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.2 per cent or 23.56 points higher at 11,848.62.

Express December 23, 2010

KARACHI: Stocks rose marginally on Wednesday in thin trade as profit-taking continued in the oil sector following soaring crude prices in Asia.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.2 per cent or 23.56 points higher at 11,848.62.

Oil prices rose to their highest level in the past two years supported by data showing a drop in US oil and gasoline inventories, cold weather and a weaker dollar. ICE Brent crude oil rose 42 cents to $93.59 a barrel, its highest since October 2008.

Pakistan Oilfields (POL) and Pakistan Petroleum Limited (PPL) came under pressure on talk of foreign selling and leading banks offloading stocks. PPL fell 1.4 per cent to Rs215.23 while POL went down Rs0.76 to close at Rs291.69.

Volume fell 19.6 per cent to 93.44 million shares from 116.28 million shares traded on Tuesday.

Oil and Gas Development Company rose by Rs1.62 as talk of higher production from Qadirpur field brought fresh excitement.

Engro stood firm as investors awaited upcoming announcement of the opening of a new urea plant which is expected to commence operations in the second week of January.

With cotton prices hitting an all-time high in the international market, the positive impact was evident in scrips such as Nishat Mills Limited and Nishat Chunian Limited, both making it among top five in the volume chart.

Pakistan State Oil gained one per cent to close at Rs297 amid expectations that outstanding payments to it will be released.

Shares of 406 companies were traded on Wednesday. At the end of the day, 192 stocks closed higher, 178 declined and 36 remained unchanged. The value of shares traded during the day was Rs6.02 billion.

Lotte Pakistan PTA was the volume leader with 6.72 million shares losing Rs0.15 to finish at Rs13.23. It was followed by Nishat Mills with 6.21 million shares falling Rs0.1 to close at Rs63.25 and National Bank with 4.95 million shares gaining Rs0.21 to close at Rs72.26.

Published in The Express Tribune, December 23^rd, 2010.