News Column

KSE rises after six bearish sessions

February 22, 2014

Our Staff Reporter



Market posted a decent recovery of 96.55 points after falling by 1,200 points in last 6 trading sessions.

On the last day of trading week KSE benchmark 100 share index closed at 25603.35 points compared to 25505.80 points of the previous day. Anlyst Ahsan Mehanti said stocks closed bullish on renewed foreign interest following peace initiatives by TTP after air-strikes on militant hideouts in NW.

Institutional interest witnessed in selected oversold stocks across the board after country’s FX reserves rose to $8b. Bullish global stocks, record LSM growth data at 6.76pc, stock valuations in fertilizer and cement stocks played a catalyst role in strong recovery at KSE, he added. In a weekly review equity dealer Samar Iqbal said benchmark index lost 3pc to close at 25,600 while volumes also declined by 20pc to Rs7b.

Going forward, roll over week, blue chip stocks OGDC, NBP and HBL earnings announcements among others will keep driving the sentiments. KSE-Allshare index up by 30.24 points or 0.16 percent to end the day at 19109.75 points, KSE-30 share index grew by 60.65 points or 0.33 percent to finish the day at 18627.59 points while KMI-30 share index extended by 203.28 points or 0.48 percent to conclude the session at 42297.43 points.

Market traded 232.750 million shares after opening at 196.928 million shares and the value of traded shares was climbed to Rs 7.930 billion from Rs 6.625 billion while the capitalisation of the market maintained at Rs 6.228 trillion compared to Rs 6.219 trillion of a day earlier. Despite some volatility, institutional buying was seen in selective stocks. Renewed interest was seen in Engro Corp, Engro Fertilizer which closed 5pc up and cement sector, dealer observed.

Trading took place in 375 companies where gainers outnumbered the losers 224 to 134 while the value of 17 stocks not changed. Nestle Pak was the biggest price loser of the day decreased by Rs 456.75 to Rs 8801 followed by Siemens Pakistan off by Rs 23.99 to Rs 1156. Rafhan Maize and Wyeth Pak Ltd were the top price gainers of the day increased by Rs 284.04 to Rs 7559.12 and Rs 214.21 to Rs 4664.

Lafarge Pakistan led the volume with 35 million shares up by Re 0.96 to Rs 11.64. TRG was on the second position with 19.845 million shares shed by 0.40 to Rs 12.58. It was followed by JSCL with 13.774 million shares up by Re 0.14 to Rs 12.29, BOP(R) with 11.700 million shares up by Re 0.06 to Rs 1.21 and Fauji Cement with 11.306 million shares added Re 0.23 to Rs 16.08.


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Source: Nation (Pakistan)


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