KSE index gains 95.55 points on urea sales data

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KSE index gains 95.55 points on urea sales data

KARACHI - Stocks closed bullish during the last trading session amid higher trades with investor’s interest in stocks across the board. At local equity market benchmark KSE-100 share index up 95.55 points or 0.53 percent to end the day at 18,043.31 points compared to 17,947.76 points of the last working day. Equity expert Ahsan Mehanti at Arif Habaib said investor’s interest remained in second and third tier stocks on strong valuations. Higher global commodities on strong US data, 162pc YoY rise in urea sales data for Feb ‘13, easing political outlook and renewed foreign interest in blue chip stocks played a catalyst role in bullish activity
Speculations continued ahead of CPI Inflation data for March amid concerns for rising circular debt issues in energy sector and uncertainty over economic impact of IMF loan repayments due in next 2 months.

KSE-Allshare index grew by 120.89 points or 0.95 percent to end the day at 12,802.46 points, KSE-30 share index gained 46.67 points or 0.33 percent to finish the day at 14,208.38 points while KMI-30 share index increased by 197.24 points or 0.63 percent to conclude the day at 31,598.72 points.
Led by telecom sector, market closed above 18,000 points mark with decent volumes. Wateen Telecom remained in limelight after management announced proposal of buy-back and voluntary delisting. Renewed buying interest in heavy weight OGDC and FFC also helped index to gain 95 points, dealers observed.
Market traded 204.391 million shares on Friday compared to 100.549 million shares of a day earlier. The value of traded shares climbed to Rs 4.972 billion from Rs 2.554 billion and the capitalisation of equity market settled at Rs 4.446 trillion compared to Rs 4.405 trillion of previous day.
Trading took place 329 companies where gainers held a strong lead over the losers 203 to 103 while the value of 23 stocks remained intact. Nestle Pakistan Limited was the top price gainer of the day up by Rs 274.95 to Rs 5773.95 followed by Colgate Palmolive up by Rs 87.05 to Rs 1828.16.  Unilever Food and Sitara Chemical were the biggest losers of the day decreased by Rs 150 to Rs 4250 and Rs 5.03 to Rs 187.97.

Wateen Telecom Limited was the volume leader of the day with 28.348 million shares as it closed at Rs 4.20 after opening at Rs 3.84. It was followed by PIAC (A) with 22.035 million shares up by Re 0.53 to Rs 7.76, Maple Leaf Cement with 14.721 million shares higher by Rs 1 to Rs 17.76, TRG Pakistan Limited with 14.482 million shares extended by Re 0.30 to Rs 7.86 and PTCLA with 11.860 million shares up by Re 0.40 to Rs 20.30.

Equity dealer Samar Iqbal said after appointment of interim Prime Minister, local bourse shows meager gain of 0.45pc. Volumes however declined by 29pc to Rs 4.3 billion on average in the absence of any major trigger. Telecom sector remained in limelight amid conflicting news flow regarding international calling rate case.
While in the last trading session, Wateen Telecom witnessed heavy volume after management announced proposal of buy-back and voluntary delisting. Dividend yielding stocks like FFC and Hubco remained on investors’ radar along with oil stocks after increased production from Tal block was reported. Going forward, CPI announcement will remain the key highlight with some pre-result euphoria would also be witnessed.


Courtesy: The Nation

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