Foreign buying gives boost to shares market

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KARACHI - Investors remained enthusiastic due to continuous foreign buying and news that new caretaker government will soon take over. As a result of this, volume reached to close 400m share or Rs.10b after a gap of almost 9 months. FCCL with 114m shares was the star performer as its share price rose to Rs 8.54. Though some profit taking was seen in some heavy weights OGDC,PPL and POL renewed interest was witnessed in Engro, PTC, ANL and Telecard, dealer observed here on Friday. At local equity market bench mark KSE-100 share index added 11.52 points or 0.06 percent to end the day at 18,185.19 points as compared to 18,173.67 points of the previous day.

KSE-Allshare index shed by 22.74 points or 0.18 percent to close the day at 12,745.90 points, KSE-30 share index decreased by 8.32 points or 0.06 percent to finish the day at 14,865.85 points while KMI-30 share index gained 90.72 points or 0.29 percent to conclude the day at 31,425.96 points.

On the last day of trading week stock traded 399.159 million shares compared to 318.312 million shares of the previous day and the value of traded shares was climbed to Rs 10.161 billion from Rs 9.530 billion. Capitalisation of equity market settled at Rs 4.506 trillion contrasted to Rs 4.514 trillion of a day earlier.

During the session 346 companies participated in the trading where losers beat the gainers 187 to 137 while the value of 22 stocks remained intact. Unilever Pak was the biggest price gainer of the day up by Rs 300 to Rs 10750 followed by Indus Dyeing SD up by Rs 20.50 to Rs 460.50. Wyeth Pak Limited and Mithechells Fruit XDXB were the top losers of the day down by Rs 48 to Rs 912 and Rs 12.90 to Rs 314.

Analysts said profit taking witnessed in the second session amid concerns for falling global stocks and commodities, pending circular debt issues for SSGC and KESC. Hopes for OGDC gas sales agreement with fertilizer companies and strong earning announcements in oil and power sector played a catalyst role in bullish sentiments at KSE amid consolidation in stocks across the board.

Active list was topped by Fauji Cement with 113.685 million shares as it closed at Rs 8.54 after opening at Rs 7.92. Azgard Nine was on the second position with 26.788 million shares shed byre 0.40 to Rs 8.36. It was followed by PTCLA with 23.160 million shares off by Re 0.12 to Rs 23.32, Telecard Limited with 20.368 million shares lost Re 0.44 to Rs 6.97 and PIAC(A) with 198.789 million shares up by Re 0.77 to Rs 7.09.

Equity dealer Samar Iqbal said local stock market saw another historic week with local and foreign fund managers support. Index closed to an all time high level to 18,185 with daily volumes rose to Rs.9b on average. Major activity was witnessed in Engro as it gained 8pc during the week amid positive development on gas supply. National Bank and Hub Power company followed suit after announcing handsome payouts for their December results, while telecom sector witnessed heavy volumes amid uncertainty regarding future of higher LDI business. Further, lower than expected CPI announcement also helped index. Going forward, announcement on caretaker setup will lead the sentiments.

Courtesy: The Nation

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