News Column

KSE rises on oil and gas scrips buying

May 28, 2014

Our Staff Reporter

Stocks closed higher, led by oil and gas sector in the pre-budget session amid hopes for key announcements following Prime Minister’s meeting with new elected Indian PM to discuss disputes and bilateral trade.

At KSE, the bench mark 100-index further increased by 27.73 points or 0.10 per cent to end the day at 29048.21 points as compared to 29020.48 points of the previous day.

Ahsan Mehanti, analyst at Arif Habib, said investor interest remained in selected stocks across the board amid speculations ahead of federal budget due next week. Cement sector remained in lime light on higher PSDP commitments of over 1.3tr in the federal budget despite expected higher FED levies and withholding taxes in banking and cement sectors.

KSE allshare-index shed 45.67 points or 0.21 per cent to close the day at 21477.53 points, KSE-30 went up by 28.34 points or 0.14 per cent to end the day at 19869.24 points while KMI-30 gained 165.58 points or 0.36 per cent to conclude the session at 46059.31 points. The day turnover in term of shares was 163.762m shares after opening at 110.893m shares and total traded volume rose by 48%, climbing to Rs 7.830b from Rs 5.314b, while the capitalization of the market maintained at Rs 6.888 trillion as compared to Rs 6.903 trillion of a day earlier. Renewed interest in POL, PSO, and ENGRO helped benchmark index to close above 29,000 points. Interest was also seen in selected cement stocks as DGKC rose by 3%, PIOC up by 4% and MLCF gained by 1%, a dealer observed. Trading took place in 372 companies where 153 closed in positive and 197 in negative while the values of 22 stocks remained intact. Highest decreased reflected in the price of Nestle Pak, off by Rs 87.50 to Rs 8100, followed by Siemens Pakistan, down by Rs 45.07 to Rs 1376.33. Muree Brewery and Fazal Textile were the top price gainers of the day, up by Rs 31.87 to Rs 997.63 and Rs 31.35 to Rs 658.36.

Active list was topped by K-Electric with 48.051mshares as it closed at Rs 8.30 after opening at Rs 8.06. Lafarge Pak was the second highest with 8.099m shares, up Re 0.15 to Rs 14.40. It was followed by Pak Electron Ltd with 6.822m shares, off by Re 0.90 to Rs 25.50, Maple Leaf Cement with 4.367m shares, down by Re 0.19 to Rs 29.99 and Pioneer Cement with 3.834m shares, up by Rs 1.27 to Rs 46.56.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Nation (Pakistan)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters