Market watch: Stocks rise 65 points in a busy day
New regulator head, incoming funds boost sentiments, KSE-100 ends 0.55% higher at 11,858.17 points on Friday
KARACHI:
The stock market rose 65 points on the last trading day of the week following flow of positive news and injection of funds.
The Karachi Stock Exchange’s benchmark 100-share index ended 0.55 per cent higher at 11,858.17 points.
The US transferred more than $600 million under the Coalition Support Fund (CSF) to Pakistan to pay for Islamabad’s efforts in the fight against terror, the US embassy said on Friday.
“Bullish activity was witnessed in shares across the board as hopes for the launch of a leverage product rise after the Securities and Exchange Commission of Pakistan (SECP) appointed a new chairman,” said Arif Habib Investments Limited Director Ahsan Mehanti.
However, the trading volume fell 3.9 per cent to 87 million shares from the previous day’s 90.5 million shares.
Excitement in
fertiliser sector
The fertiliser sector remained in the limelight after an increase in urea prices by Rs190 per bag and continued interest by foreign fund managers, said Topline Securities equity dealer Samar Iqbal. Engro gained 0.8 per cent, Fauji Fertiliser Bin Qasim rose two per cent and Fauji Fertiliser Company increased 4.3 per cent on expectations that the price hike will lead to a jump in earnings going forward.
The fertiliser sector alone contributed more than 18 points to the KSE-100 index, said Iqbal. Three of the five volume leaders were from the fertiliser sector.
All major cement companies closed in the red following news of prices in the northern part of the country falling by at least Rs30 to Rs280 per 50kg bag. This could result in a negative impact for the sector, said analysts.
Pakistan State Oil (PSO) rose Rs1.04 to Rs299.04 following news that the company received Rs35 billion from the finance ministry which will reduce the circular debt backlog.
Shares of 385 companies were traded on Friday. At the end of the day, 202 stocks closed higher, 164 declined and 19 remained unchanged. The value of shares traded during the day was Rs4.06 billion.
Lotte Pakistan PTA was the volume leader with 14.28 million shares gaining 2.7 per cent to finish at Rs13.5. It was followed by Fatima Fertiliser with 6.25 million shares firming 6.3 per cent to close at Rs9.98 and Azgard Nine with 5.72 million shares gaining Rs0.06 to close at Rs10.15.
Published in The Express Tribune, December 25th, 2010.
The stock market rose 65 points on the last trading day of the week following flow of positive news and injection of funds.
The Karachi Stock Exchange’s benchmark 100-share index ended 0.55 per cent higher at 11,858.17 points.
The US transferred more than $600 million under the Coalition Support Fund (CSF) to Pakistan to pay for Islamabad’s efforts in the fight against terror, the US embassy said on Friday.
“Bullish activity was witnessed in shares across the board as hopes for the launch of a leverage product rise after the Securities and Exchange Commission of Pakistan (SECP) appointed a new chairman,” said Arif Habib Investments Limited Director Ahsan Mehanti.
However, the trading volume fell 3.9 per cent to 87 million shares from the previous day’s 90.5 million shares.
Excitement in
fertiliser sector
The fertiliser sector remained in the limelight after an increase in urea prices by Rs190 per bag and continued interest by foreign fund managers, said Topline Securities equity dealer Samar Iqbal. Engro gained 0.8 per cent, Fauji Fertiliser Bin Qasim rose two per cent and Fauji Fertiliser Company increased 4.3 per cent on expectations that the price hike will lead to a jump in earnings going forward.
The fertiliser sector alone contributed more than 18 points to the KSE-100 index, said Iqbal. Three of the five volume leaders were from the fertiliser sector.
All major cement companies closed in the red following news of prices in the northern part of the country falling by at least Rs30 to Rs280 per 50kg bag. This could result in a negative impact for the sector, said analysts.
Pakistan State Oil (PSO) rose Rs1.04 to Rs299.04 following news that the company received Rs35 billion from the finance ministry which will reduce the circular debt backlog.
Shares of 385 companies were traded on Friday. At the end of the day, 202 stocks closed higher, 164 declined and 19 remained unchanged. The value of shares traded during the day was Rs4.06 billion.
Lotte Pakistan PTA was the volume leader with 14.28 million shares gaining 2.7 per cent to finish at Rs13.5. It was followed by Fatima Fertiliser with 6.25 million shares firming 6.3 per cent to close at Rs9.98 and Azgard Nine with 5.72 million shares gaining Rs0.06 to close at Rs10.15.
Published in The Express Tribune, December 25th, 2010.