KSE index gains 0.9 percent on energy

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KARACHI: The Karachi Stock Exchange’s benchmark 100-index increased by 159.65 points on Thursday as a result of interest in the energy sector. However, investors remained wary of the political situation. They adopted a wait-and-see approach with respect to the economic situation – preferring to wait till a caretaker government sets in, analysts said.

 

Zafar Moti, an analyst and senior member of the KSE said the market recorded good momentum and was moving towards 18,000 points. “Local institutional buying is also recorded while foreigners remained sidelined. Some expect the State Bank of Pakistan (SBP) to increase discount rate in the monetary policy next month, but the market did not affect the index,” said Moti.

 

The KSE-100 index increased by 159.65 points or 0.9 percent to 17,913.62 points against 17,753.97 points recorded in the last session. The index at one time during the intraday session reached a high level of 17,956.63 points while the lowest level of the day was recorded at 17,753.97 points.

 

The KSE-30 index also improved by 21.55 points or 0.15 percent to 14,266.75 points in the session against 14,245.2 points recorded in the last session.

 

Although the market remained positive, turnover remained low but value and market capital improved. Turnover fell by 30 million shares to 235.9 million shares from 265.88 million shares whereas value increased to Rs7.75 billion against Rs7.59 billion. Market capital declined to Rs4.38 trillion against Rs4.36 trillion recorded in the last session.

 

Hasnain Asghar Ali, chief operating officer Escorts Capital, said the market saw good activity in the cement sector and Engro, while buying in Oil and Gas Development Company helped the index go upwards.

 

Samar Iqbal, senior manager equity sales Topline Securities (Pvt) Ltd said continuous support from local and foreign fund managers kept the market up. “Renewed buying interest was seen in cement stocks amid hope of a better March quarter result,” she said.

 

The highest increase was recorded in shares of Unilever Pak, which increased by Rs100 to Rs10,800 per share followed by Bhanero Tex that rose by Rs15.15 to Rs318.16 per share. A major decline was noted in the shares of Pak Suzuki Motor, which fell by Rs5.3 to Rs100.8 per share followed by Hinopak Motor that declined by Rs4.49 to Rs85.41 per share.

 

Significant turnover was recorded in stocks of TRG Pakistan Ltd, Fauji Cement, Lafarge Pakistan, Engro Corporation and Jahangir Siddiqui Co. TRG Pakistan Ltd remained the volume leader with 39.07 million shares with an increase of 20 paisas to Rs7.28 per share; it was followed by Fauji Cement with 34.6 million shares with an increase of 18 paisas to Rs8.4 per share.

 

Shares turnover in the futures market fell to 20.72 million shares from 29.42 million shares traded in the previous session.

 

Of a total of 343 companies’ stocks traded, 208 advanced, 115 declined and 20 remained unchanged.

 

Unilever Pak Rs100.00

Closing Rs10,800.00

Bhanero Tax Rs15.1

Closing Rs318.1

Indus Dyeing Rs13.85

Closing Rs437.00

Pak Suzuki Motor Rs5.30

Closing Rs100.80

Hinopak Motor Rs4.49

Closing Rs85.41

Tandlianwala Sugar Rs4.00

Closing Rs76.00

 




Courtesy:  The News


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