News Column

OGDC helps KSE gain another 155 points

June 28, 2014


Stocks closed bullish ahead of year end close on foreign interest in oil sector. Index heavy weight OGDC helped the benchmark index to post fresh gain.

The KSE benchmark 100-share index increased by 155.23 points or 0.53 percent to end the day at 29343.76 points compared to 29188.53 points of a day earlier.

Analysts said strong institutional interest in PPL privatisation bid, expected payments on pending circular debt after PSO dues surge over Rs100b, higher PSDP utilisation data for ‘14 and rising local cement prices played a catalyst role in bullish activity at KSE. Lafarge acquisition bidding due next month and strong earnings outlook for MARI after new market pricing approvals impacted the sentiments despite concerns for dismal data on urea offtake falling by 16pc YoY in May’14, he added.

KSE-Allshare index gained 194.70 points or 0.90 percent to end the day at 21796.51 points, KSE-30 index grew by 91.62 points or 0.46 percent to finish the day at 20153.79 points while KMI-30 index added 212.60 points or 0.46 percent to stop the trading at 46896.98 points.

Volume remained at 146.186 million shares as contrast to 149.199 million shares of a day earlier and the value of traded shares fell to Rs 7.897 billion from Rs 8.538 billion. Capitalisation of the market settled at Rs 6.966 trillion after opening at Rs 6.903 trillion of a day earlier. Equity expert said other large cap stocks saw some profit taking with Engro falling by 3.3pc PSO by 1.32pc and PPL by 0.98pc. Market participants also remained busy in PPL book building where active interest was seen from institutions and HNWs. PPL strike price and participation will set market trend in coming days, LPCL once again remained in the limelight due to likely acquisitions as announced at Karachi Stock Exchange this morning. Trading took place in 335 companies where 148 closed in green and 167 in negative while the value of 20 stocks remained intact. Rfahan Maize was the biggest price gainer of the day up by Rs 484.90 to Rs 11674.90 followed by Nestle Pak added Rs 142.70 to Rs 8142.69. Shezan Inter and Murree Brewery were the top price losers of the day decreased by Rs 29 to Rs 900 and Rs 14.38 to Rs 914.50. Active list was topped by Lafarge Pak with 22.001 million shares as it closed at Rs 16.19 after opening at Rs 16.21. Ghani Automobile (R) was the second highest at volume chart with 11.735 million shares grew by Re 0.89 to Rs 1.30. It was followed by Bank of Punjab with 8.560 million shares shed Re 0.02 to Rs 8.93, Fauji Cement with 8.357 million shares off by Re 0.22 to Rs 19.32 and Sui South Gas with 5.719 million shares up by Rs 1.44 to Rs 35.49.

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Source: Nation (Pakistan)

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