News Column

KSE gains 207 points

June 27, 2014

Stocks closed bullish on Thursday amid cautious activity on renewed foreign interest in banking and oil stocks, with with fizzling out of June effect supporting the market.

The benchmark KSE 100-share index posted a fresh gain of 207.19 points or 0.71 per cent to end the day at 29188.53 points as compared to 28981.34 points of the previous day.

Samar Iqbal, equity expert at Topline Securities, said index heavy-weight OGDC rose by 1.7% while MCB declined by 2%. While renewed buying interest was also seen in NBP amid better earnings expectations. Higher than expected floor price of PPL also boost the sentiment as the share price also rose by 2%.

KSE-allshare went up by 211.57 points or 0.99 per cent to close the day at 21601.81 points, KSE-30 gained 99.23 points or 0.50 percent to finish the day at 20062.17 points while KMI-30 grew by 338.49 points or 0.73 percent to conclude the trading at 46684.38 points.

Volumes however declined by 27% to 149m shares; value also declined by 9% to Rs.8.5b and the capitalization of the market maintained at Rs 6.903 trillion after opening at Rs 6.835 trillion of a day earlier. Expected payments on pending circular debt of over Rs513b, higher banking spreads at 6.11pc for May’14, rising local cement prices and rupee depreciation played a catalyst role in bullish activity at KSE ahead of year end close.

Investor interest remained in auto sector scrips impacted by Punjab govt yellow cab scheme.

Trading took place in 328 companies where gainers beat the losers by 213 to 98 while the values of 17 stocks remained intact. Nestle Pak was the biggest price gainer of the day, up by Rs 99.99 to Rs 7999.99, while the top price loser of the day was Fazal Textile Ltd, down by Rs 40.58 to Rs 773.15.

Active list was topped by Lafarge Pak with 21.732 million shares as it closed at Rs 15.81 after opening at Rs 15.10. It was followed by National Bank with 14.338 million shares, up by Rs 2.55 to Rs 62.84, PTCL with 10.897 million shares, added Re 0.70 to Rs 25.57, Pakgen Power with 8.043 million shares, off by Re 0.19 to Rs 18.29 and TRG Pakistan Ltd with 6.904 million shares, shed Re 0.22 to Rs 14.22.

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