Market watch : Bourse soars with the aid of oil, cement stocks
Benchmark KSE 100-share index rises 423.87 points
Benchmark KSE 100-share index rises 423.87 points. PHOTO: AFP/FILE
KARACHI:
As global crude prices showed some recovery, the stock index on Thursday grew on the back of gains in oil shares.
Additionally, a relief from the regional downturn made investors more relaxed with small and medium caps experiencing increased investor participation.
Cement stocks also dominated the charts as news of the Asian Development Bank (ADB) agreeing to fund projects provided vital support. Other stocks that showed recovery were from fertiliser and pharmaceutical sectors.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index recorded a rise of 1.26% or 423.87 points to end at 33,961.29. Elixir Securities analyst Faisal Bilwani said Pakistan equities shared the joy in regional markets and closed just shy of 34,000 points as index-heavy oil shares continued to find fresh interest.
“The wider market opened positive tracking regional markets and gains were gradually added as the day progressed on local institutional flows in index names,” said Bilwani. Small and medium caps experienced increased participation from retail and other investors.
Midday comments by Finance Minister Ishaq Dar about the rupee value and confidence in economy and capital markets helped sustain the gains, he said.
JS Global analyst Ahmed Saeed Khan said following the rally in global equity markets, the KSE-100 index also extended gains to hit an intraday rise of 1.4%. “Khan said local investors looked keen on the cement sector in the wake of ADB’s announcement of new projects. “Biggest gainers in the sector were Maple Leaf Cement (+5%), Cherat Cement Company (+3.7%) and DG Khan Cement (+2.3%).”
Trade volumes fell to 223 million shares compared with Wednesday’s tally of 278.69 million shares.
Shares of 378 companies were traded. At the end of the day, 258 stocks closed higher, 102 declined and 18 remained unchanged. The value of shares traded during the day was Rs10.8 billion.
Pace Pakistan was the volume leader with 15.8 million shares, gaining Rs0.66 to finish at Rs7.23. It was followed by Jahangir Siddiqui and Company with 13.7 million shares, gaining Rs1.06 to close at Rs24.71 and K-Electric Limited with 13.1 million shares, gaining Rs0.07 to close at Rs7.71.
Published in The Express Tribune, August 28th, 2015.
As global crude prices showed some recovery, the stock index on Thursday grew on the back of gains in oil shares.
Additionally, a relief from the regional downturn made investors more relaxed with small and medium caps experiencing increased investor participation.
Cement stocks also dominated the charts as news of the Asian Development Bank (ADB) agreeing to fund projects provided vital support. Other stocks that showed recovery were from fertiliser and pharmaceutical sectors.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index recorded a rise of 1.26% or 423.87 points to end at 33,961.29. Elixir Securities analyst Faisal Bilwani said Pakistan equities shared the joy in regional markets and closed just shy of 34,000 points as index-heavy oil shares continued to find fresh interest.
“The wider market opened positive tracking regional markets and gains were gradually added as the day progressed on local institutional flows in index names,” said Bilwani. Small and medium caps experienced increased participation from retail and other investors.
Midday comments by Finance Minister Ishaq Dar about the rupee value and confidence in economy and capital markets helped sustain the gains, he said.
JS Global analyst Ahmed Saeed Khan said following the rally in global equity markets, the KSE-100 index also extended gains to hit an intraday rise of 1.4%. “Khan said local investors looked keen on the cement sector in the wake of ADB’s announcement of new projects. “Biggest gainers in the sector were Maple Leaf Cement (+5%), Cherat Cement Company (+3.7%) and DG Khan Cement (+2.3%).”
Trade volumes fell to 223 million shares compared with Wednesday’s tally of 278.69 million shares.
Shares of 378 companies were traded. At the end of the day, 258 stocks closed higher, 102 declined and 18 remained unchanged. The value of shares traded during the day was Rs10.8 billion.
Pace Pakistan was the volume leader with 15.8 million shares, gaining Rs0.66 to finish at Rs7.23. It was followed by Jahangir Siddiqui and Company with 13.7 million shares, gaining Rs1.06 to close at Rs24.71 and K-Electric Limited with 13.1 million shares, gaining Rs0.07 to close at Rs7.71.
Foreign institutional investors were net sellers of Rs516 million worth of shares during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, August 28th, 2015.