KSE index recovers on foreign buying

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index recovered on Wednesday to maintain the 18,000-mark with an increase of 186 points on institutional and foreign buying, dealers said. Hasnain Asghar Ali, chief operating officer at Escorts Capital, said that the market witnessed negative activity in the beginning but buying interest increased in the shares of Hub Power Company and other power companies. “Market sentiments remained positive across the board but there were some concerns on the overall economic situation,” he said.

The KSE-100 index surged by 186.01 points or 1.04 percent to 18,080.91 points against 17,894.90 points recorded in the last session. The index, at one time during the intraday session, reached a high-level of 18,088.03 points, while the lowest level was recorded at 17,876.56 points.

The KSE-30 index also increased by 185.50 points or 1.27 percent to 14,833.15 points in the session against 14,647.65 points recorded in the last session.

Contrary to the index, both turnover and value declined in the market. The turnover declined by 43 million shares to 269.53 million shares from 312.85 million shares, whereas the value fell to Rs7.27 billion against Rs8.88 billion. However, the market capital increased to Rs4.49 trillion against Rs4.45 trillion recorded in the last session.

Zafar Moti, senior member of the KSE, said that the market, which went through correction mode for a couple of days recovered on strong buying from institutes and foreigners. “Although the overall volume remained low, the market performed with positive sentiments,” he said.

Topline Securities (Pvt) Ltd Senior Manager Equity Sales Samar Iqbal said that the market recovered by one percent after declining in the last two trading sessions. “Hub Power Company closed at the upper limit, after announcing handsome payout in the first half of current fiscal year, while renewed interest in Engro and oil stocks also supported the index,” she said

The highest increase was recorded in the shares of Mithchell’s Fruit, which increased by Rs13.40 to Rs326.90 per share, followed by Sunrays Textile, which rose by Rs9.70 to Rs204.70 per share. Major decline was witnessed in the shares of Nestle Pakistan Ltd, which fell by Rs131.82 to Rs5,000 per share, followed by Unilever Pak that declined by Rs50 to Rs10,800 per share.

Significant turnover was recorded in the stocks of Lafarage Pakistan, Telecard Limited, Pakistan Telecommunication Company Ltd, Maple Leaf Cement and Engro Corporation. Lafarage Pakistan remained the volume leader with 28.26 million shares, with an increase of 48 paisas to Rs5.83 per share, followed by Telecard Limited with 25.42 million shares with a decline of two paisas to Rs7.40 per share.

Shares’ turnover in the futures market declined to 18.98 million shares from 22.64 million shares traded in the previous session. Of a total of 374 companies’ stocks traded, 197 advanced, 153 declined and 24 remained unchanged.

Mitehells Fruit Rs13.40
Closing Rs326.90

Sunrays Tex Rs9.70
Closing Rs204.70

Ismail Ind Rs6.66
Closing Rs161.00

Nestle Pak Rs131.82
Closing Rs5,000.00

Unilever Pak Rs50.00
Closing Rs10,800.00

Sapphire Fib Rs9.15
Closing Rs174.05


Courtesy: The News

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