News Column

OGDC propels KSE above 29,700-mark

July 1, 2014

Fresh buying in the index heavyweight Oil and Gas Development Company (OGDC) helped Karachi Stock Exchange (KSE) to storm past 29,700 points on Tuesday but volumes shrank by 42 percent to below 100 million shares due to less trading hours and banking holiday.

The benchmark KSE 100-Index swelled by 0.17 percent or 49.05 points to 29,701.58 points on Tuesday as against 29,652.53 points recorded on Monday.

The KSE All Share Index gained 0.21 percent or 47.08 points to 22,020.24 points, the KSE-30 Index increased by 0.26 percent or 53. 13 points to 20,469.08 points, whereas the KMI 30-Index surged by 0.36 percent or 173.25 points to 47,859.8 points.

During Tuesday's trading session, the key index touched an intraday high of 29,805.97 points as against an intraday low of 29, 547.32 points.

While OGDC led bulls at the Karachi bourse, Engro Fertilizer and Fatima Fertilizer witnessed profit-taking after implementation of Gas Infrastructure Development Cess (GIDC), while Fauji Fertilizer Company gained in expectations of urea prices hike.

Market volumes depleted by 65.841 million shares to 90,727 million shares, capitalization improved slightly by 14.901 billion rupees to 7.037 trillion rupees, whereas trading value declined by 1.494 billion rupees to 6.961 billion rupees.

According to the figures released by the National Clearing Company of Pakistan Ltd (NCCPL), the foreign investors did net buying of 4.893 billion rupees on first day of the Financial Year 2014-15.

Among 303 active scrips Tuesday, prices of 149 issues advanced, 127 dropped, whereas values of 27 other companies stayed unchanged.

Byco Petroleum, Fauji Fertilizer Company, and Engro Corporation were the top traded companies with turnovers of 7.628 million shares, 7.075 million shares, and 5.601 million shares, respectively.

Service Industries Ltd was the top price gainer with increment of 24.75 rupees to 519.75 rupees whereas Rafhan Maize led the major price decliners with decrement of 199.99 rupees to 11,600 rupees.

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Source: Daily Messenger (Pakistan)

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