News Column

KSE turns bullish on OGDCL strong earnings

August 6, 2014



Stocks closed higher after CPI data for Julí14 stood at 7.88pc YoY and strong earnings of OGDCL announced on Tuesday depicting 37pc profit after tax, equity expert observed here.

The KSE benchmark posted a fresh gain of 28.58 points or 0.10 percent to end the day at 29676.41 points compared to 29647.83 points of the previous day.

Ahsan Mehanti analyst at Arif Habib Corp said institutional interest in oversold stocks after foreign interest, improved DAP sales data for Julí14 and speculations ahead of major announcements due this week played a catalyst role in bullish sentiments at KSE despite concerns for political noise on outcome August 14 march call by political leaders against general election rigging.

KSE-Allshare index grew by 41.48 points or 0.19 percent to end the trading at 21851.51 points, KSE-30 index up by 54.28 points or 0.26 percent to stop the trading at 20680.73 while KMI-30 index extended by 70.69 points or 0.15 percent to conclude the session at 47838.98 points. Volume declined to 132.767 million shares after opening at 223.875 million shares and the value also decreased to Rs 7.784 billion from Rs 9.404 billion while the capitalisation of the market maintained at Rs 7.005 trillion compared to Rs 6.992 trillion of a day earlier.

A dealer said after opening on positive note market remained ranged bound and investors are still confused on the developing local political situation. PPL remained active after announcing discovery in one of its fields. OGDC and ABL announced better earnings and payouts while Efoods earnings were below expectation.

Trading took place in 346 companies where 151 closed in green and 165 in negative while the value of 30 stocks not changed. Rafhan Maize was the biggest price loser of the day decreased by Rs 552 to Rs 11149 followed by Bata (Pak) down by Rs 169.33 to Rs 3299.67. Siemens Pakistan and Indus Dyeing were the top price gainers of the day up by Rs 33.99 to Rs 1194 and Rs 31.99 to Rs 713.99. Askari Bank led the volume chart with 16.762 million shares off by Re 0.09 to Rs 22.16. Lafarge Pak was the second highest with 11.238 million shares as it closed at Rs 15.53 after opening at Rs 15.60. It was followed by Engro Fertilizer with 5.986 million shares gained Rs 2.76 to Rs 55.76, Bank Al-Falah with 5.754m shares shed Re 0.55 to Rs 27.29 and Fauji Cement with 5.076m shares fell by Re 0.05 to Rs 20.19.


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Source: Nation (Pakistan)


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