KSE index gains 92.76 points on institutional buying

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KARACHI: The Karachi Stock Exchange’s benchmark 100-index continued to move upward on second day of the week on Thursday, up 92.76 points amid institutional buying, dealers said. Zafar Moti, an analyst and a senior member of the KSE, said institutional buyers were the prime driving force though foreign buying also played its role.

“Sentiments remained positive due to mainly trading in energy stocks because of good results and amid hopes for materialisation of Iran-Pakistan gas pipeline,” he said.

He projected the market to go up by not more than 100 points on Friday as it is the last day of the week.

On Thursday, the KSE-100 rose by 92.76 points, or 0.51 percent, to 18,173.67 points against 18,080.91 points recorded in the last session. The index at one time during the intraday session hit a high level of 18,214.99 points, though it dipped at its lowest 18,080.91 points. The KSE-30 went up by 41.02 points, or 0.28 percent, to 14,874.17 points against 14,833.15 points previously. Both turnover and value scaled up. Turnover climbed to 318.31 million shares from 269.53 million shares, whereas value swelled to Rs9.53 billion against Rs7.27 billion. Market capital went up to Rs4.51 trillion against Rs4.49 trillion.

Ahsan Mehanti, an analyst at Arif Habib Corp, said that the announcement by the finance minister regarding a new deal with the International Monetary Fund (IMF) stoked positive sentiments. Besides, “there is also a hope of a gas supply deal between the Oil and Gas Development Company (OGDC) and fertiliser sector,” he said.

Market leaders were Rafhan Maize Products, shares of which rose by Rs179.95 to Rs3,929.95. Second was Sanofi-Aventis Pak, up Rs17 to Rs357 per share. Losers were Unilever Pakistan, down Rs350 to Rs10,450 per share, and Fazal Textile, which fell by Rs14.89 to Rs283.10 per share
Significant turnover was recorded in stocks of Telecard Limited, Pakistan International Airlines, Pakistan Telecommunication Company Ltd, Engro Corporation and Azgard Nine. Telecard Limited came up as the volume leader with 56.12 million shares with increase of one paisa to Rs7.41 per share, followed by the Pakistan International Airlines with 42.14 million shares with increase of Re1 to Rs6.32 per share.

Shares turnover in the futures market jumped to 24.37 million shares from 18.98 million shares traded in the previous session. Of the total of 369 companies’ stocks traded, 155 advanced, 192 declined and 22 remained unchanged.

Rafhan Maize Rs179.95
Closing Rs3,229.95

Sanofi Aventis Rs17.00
Closing Rs357.00

Bhenero Tex Rs13.95
Closing Rs292.95

Unilever Pak Rs350.00
Closing Rs10,450.00

Fazal Tex Rs14.89
Closing Rs283.10

Indus Dyeing Rs11.85
Closing Rs440.00


Courtesy: The News

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