Bulls push KSE to a record closing

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KARACHI: Stocks ended on yet another record closing on Wednesday and volume rose to a 10-month high, led by foreigners accumulating shares of the energy and telecom sector on hopes of healthy profits due to be announced in the coming days, dealers said. The KSE 100-share index ended 0.70 per cent, or 120.45 points, higher at a record closing of 17,408.52 points. It made a fresh all-time high at 17,439.07 points and an intra day low at 17.288.07 points.

Turnover rose to 335.62 million shares, compared with 251.75 million shares traded on Monday and trading value increased by 2.6 billion to Rs7.46 billion from Rs4.86bn in the previous trading session.

Market capitalisation stood at Rs4.35 trillion from Monday’s Rs4.33 trillion.

“The local equity market registered yet another record session led by E&P (Exploration and Production) stocks that poured in sufficient gains for the benchmark to stand strong at historic high,” said Hasnain Asghar Ali from Escorts Capital Ltd.

The heaviest weight company on the exchange, Oil and Gas Development Co Ltd gained 80 paisa to Rs194.54 and Pakistan Oilfields ended Rs11.80 higher at Rs466.69.

Samar Iqbal, a dealer from Topline Securities said that the telecom sector remained in the limelight as the shares of World Call, Wateen Telecom and Telecard totaled 24 per cent of the total volume. All five of the telecom companies listed on the KSE-index were the top five volume leaders on Wednesday.

However, dealers said investors might be cautious in the days ahead as they wait for the monetary policy announcement, which is due on Feb 8. Most analysts expect the State Bank to keep the policy rate unchanged at 9.5 per cent for the subsequent two months.

Foreigners turned into net buyers as they bought shares worth a net $3.92 million on Wednesday, compared with a net selling of $201,407 on Monday, bringing the total net selling for the month at $291,827.10. The total for January stood at net buying of $15.42m. Mutual Funds were the biggest sellers with equity worth $2.73 million.

The biggest gainer was UniLever Pakistan which ended Rs75 higher at Rs10,075, followed by Rafhan Maize Prod which closed Rs50 higher at Rs3,600. Nestle Pakistan Ltd witnessed the biggest loss as it shed Rs210.50 to Rs4,701, followed by Indus Dyeing, which ended Rs29.87 lower at Rs567.63.

The KSE-30 index ended 0.77pc, or 109.15 points, higher at 14,232.38.

Out of the 356 companies traded, the value of 202 increased, 130 decreased while 24 remained unchanged.

The telecom sector along with second and third tier companies dominated the 10 most active traded stocks: WorldCall Telecom topped the list as it gained 63 paisa to Rs3.49 on turnover of 53.42 million shares, TRG Pakistan Ltd rose Re1 to Rs8.28 on 33.86m shares and Wateen Telecom Ltd ended 35 paisa higher at Rs3.34 on 24.51m shares.

Pakistan Telecommunication Co Ltd increased by 92 paisa to close at Rs20.31 on 22.91m shares, Telecard Ltd rose 13 paisa to Rs4.56 on 20.27m shares and Lotte PakPTA gained 10 paisa to Rs7.82 on 18.38m shares.

KESC Corp ended 31 paisa higher at Rs6.37 on 12.48m shares, Engro Corp closed up Rs1.11 at Rs95.87 on 10.20m shares and Pace (Pak) Ltd marginally gained one paisa to Rs3.49 on 9.53m shares.

Jahangir Siddiqui Co rose 27 paisa to close at Rs16.66 on volume of 9.1m shares.

 

Courtesy: Dawn


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