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Market watch: Index’s upward stride continues
By Our Correspondent
Published: January 3, 2015
KARACHI: The index’s upward stride continued for the fourth successive day as a low inflation figure and institutional buying helped it rise on the last session of the week.
At close, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.77% or 251.26 points to end at 32,731.61.
“Institutional buying interest set off the rally as fresh allocations for the year along with recent decline in CPI number also triggered the frenzy,” said Sibtain Mustafa of Elixir Securities.
“Oil stocks continue to trade sideways as the decline in international oil prices continued to put buyers to the sidelines as earnings outlook remain grim.
“We expect the buying exuberance to remain high which in the short term can correct cements and other sectors, while money could flow to oil stocks as even at $50 barrel, increasing the overall sector trade eightfold along with 6-7% yield,” said Mustafa.
Trade volumes rose to 322 million shares compared to 230 million on Thursday.
Shares of 383 companies were traded on the last trading session of the week. Of these, 131 companies declined, 236 closed higher and 16 remained unchanged. The value of shares traded during the day was Rs17.7 billion.
Fauji Cement was the volume leader with 26.8 million shares, gaining Rs1.04 to close at Rs27.80. It was followed by K-Electric Limited with 25.2 million shares, gaining Rs0.27 to close at Rs9.55 and Engro Corporation with 17.9 million shares, gaining Rs4.19 to close at Rs236.56.
Foreign institutional investors were net sellers of Rs1.05 billion worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 3rd, 2015.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
By Our Correspondent
Published: January 3, 2015
KARACHI: The index’s upward stride continued for the fourth successive day as a low inflation figure and institutional buying helped it rise on the last session of the week.
At close, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.77% or 251.26 points to end at 32,731.61.
“Institutional buying interest set off the rally as fresh allocations for the year along with recent decline in CPI number also triggered the frenzy,” said Sibtain Mustafa of Elixir Securities.
“Oil stocks continue to trade sideways as the decline in international oil prices continued to put buyers to the sidelines as earnings outlook remain grim.
“We expect the buying exuberance to remain high which in the short term can correct cements and other sectors, while money could flow to oil stocks as even at $50 barrel, increasing the overall sector trade eightfold along with 6-7% yield,” said Mustafa.
Trade volumes rose to 322 million shares compared to 230 million on Thursday.
Shares of 383 companies were traded on the last trading session of the week. Of these, 131 companies declined, 236 closed higher and 16 remained unchanged. The value of shares traded during the day was Rs17.7 billion.
Fauji Cement was the volume leader with 26.8 million shares, gaining Rs1.04 to close at Rs27.80. It was followed by K-Electric Limited with 25.2 million shares, gaining Rs0.27 to close at Rs9.55 and Engro Corporation with 17.9 million shares, gaining Rs4.19 to close at Rs236.56.
Foreign institutional investors were net sellers of Rs1.05 billion worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 3rd, 2015.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
phir rotay hain "Yaar iss script ko kaya ho gaya hay? Neechay he jata ja raha hay" 
