Bull-run continues on foreign buying

Attention: open in a new window. PDFPrintE-mail

KARACHI : Stocks climbed for the second day on Tuesday with the KSE-100 index recovering another 281.01 points or 1.32 per cent from the previous two week's heavy falls. The index closed at 21,644.17.

 

The figures released by the National Clearing Company of Pakistan showed that foreigners were in the forefront of the buyers on Tuesday. The net portfolio inflow stood in the huge sum of $4.53 million on Tuesday.

 

Overall minor sales by companies in the sum of $0.46m banks $1.82m and mutual fund $0.31m, failed to slowdown the buying spree. Individuals still were reluctant to enter the market and decided to take profit at the high level with sale of equities worth $2.92m.

 

In all 339 stocks were traded on Tuesday. Gaining stocks which stood at 213 were over twice the losers at 102.

 

The positive sentiments at the market were fuelled by the news of lower than expected inflation numbers and the possibilities of finalisation of $5.4 billion new loan with the IMF. The rally was triggered by the MCB Bank, which had closed at it 'upper circuit' on Monday and started on a firm footing on Tuesday making a high at Rs264.48, only to come under heavy selling pressure towards the close.

 

Other banks such as NBP and UBL also posted gains among other stocks, Engro Corporation, Dawood Hercules and PTC also outperformed the market to close at their 'upper circuits'.

 

Mainly on the back of further drop in coal prices, and the outlook of heavy construction of infrastructure on the basis of higher allocation in the budget 2013-14 for PSDP, cement stocks such as Lucky, Maple Leaf, Kohat Cement, Fecto Cement and D.G. Khan Cement stood out as major gainers.

 

Attock Petroleum and PSO were also firm on the energy sector. With the quarterly results season around the corner, analysts were expecting investors to take a cautious but positive approach.

 

Volatility was high with gap of 361 points between the KSE-100 index high at 21,724.19 points and low at 21,363.16 points.

 

The market was encouraged by the increase in volume with turnover up by 59 per cent to 245 million shares on Tuesday, from 155 million shares the earlier day. Trading value jumped by 68 per cent to Rs10.304bn, from Rs6.116bn as high valued stocks on the energy, fertiliser, cement and telecom sectors came up for trading on Tuesday.

 

Market capitalisation saw addition of Rs61bn to Rs5.272 trillion, from Rs5.211tr.

 

The market capitalisation-based KSE-30 index was up by 254.97 points to 16,764.81 points.

 

The two top gainers for the day were Nestle Pak, up by Rs120.95 to Rs6,295 and Wyeth Pak higher by Rs80 to Rs1,680. The biggest losers were Bata (Pak) down by Rs89 to Rs1,700 and Mitchell’s Fruit lower by Rs8 to Rs511.

 

On the top 10 volume leaders, PTCL was the leading with 26m shares, hitting the ‘upper circuit’ of Rs1.09 to Rs23.26. It was followed by Fauji Cement up by 19 paisa to Rs14.26 on 23m shares, Wateen Telecom steady by 17 paisa to Rs4.49 on 10m shares and Bank Alfalah higher by 25 paisa to Rs18.80 on 10m shares.

 

DG Khan Cement rallying Rs2.41 to Rs88.18 on 9m shares, Bank of Punjab down one paisa to Rs13.73 on 9m shares, KESC added 13 paisa to Rs6.73 on 9m shares, Telecard Limited was stronger by 57 paisa to Rs5.65 on 8m shares, Maple Leaf Cement up 62 paisa to Rs23.35 on 8m shares and PIAC landing down by 5 paisa to Rs10.01 on 8m shares.






Courtesy:   Dawn


Forex open Market rates & comments Archive

Login Form