KSE index rises by 55 points on renewed buying

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index increased by another 55 points on Friday on extended buying in low-priced cement and textile stocks and renewed buying in blue-chips, including MCB Bank, said dealers.

“Cement and textile stocks led the rally after many of them reported robust earnings for the quarter ended September 30,” said Sajjad Mankani, chief executive officer of Icon Capital Management.

The KSE-100 index surged by another 54.67 points, or 0.34 percent, to 16,197.74 points. In the previous session, it recovered approximately 23 points.
Earlier during the session, the index moved on both sides of the fence by 93.66 points, making the intraday high of 16,236.73 points and the low of 16,143.07 points. The KSE-30 index enhanced by 8.25 points, or 0.06 percent, to 13,184.09 points in the session.

Renewed buying in blue-chip MCB Bank extended the largest support to take the 100-index to the higher point. The stock alone drove the index up by 24 points. It closed at Rs187.31 points with an increase of Rs3.68 on a turnover of 470,900 shares.

Other stocks that also supported the upward drive included Jahangir Siddiqui and Company, Nishat (Chunian)-XDXD, Soneri Bank, Nishat Mills Limited, Lucky Cement, Fauji Fertilizer Company-XD, and United Bank Limited.

Fertiliser stocks, including Engro Corporation, Fatima Fertilizer Company, and Fauji Fertilizer Bin Qasim-XD were subject to profit-selling after they continued to face curtailment of gas – a major raw material, said dealers.

Fauji Cement remained the volume leader with a turnover of 17.62 million shares as it closed at Rs6.74 with a drop of nine paisas followed by Byco Petroleum with a turnover of 17.05 million shares as it closed at Rs9.59 with a loss of 11 paisas.

Jahangir Siddiqui and Company closed at Rs16.96 with a gain of 39 paisas on a turnover of 16.62 million shares.

Shares turnover declined by 30 percent to 165.11 million from two-and-a-half months high of 236.26 million shares traded in the previous session. The turnover in the futures market fell to 7.58 million shares from 8.87 million shares traded a day earlier. The market capitalisation improved by Rs6 billion to Rs4,043 billion. Of a total of 346 companies’ shares traded, 212 advanced, 109 declined, and 25 remained unchanged.

Ahsan Mehanti, an analyst at Arif Habib Corporation, said that the stock market continued to consolidate ahead of an expected cut of 50 basis points in the interest rates in December.

“Renewed institutional support on rising local cement prices and expectation for easing security situation in the city played a catalyst role in the bullish sentiment at the KSE.”

Island Tex Rs29.68
Closing Rs623.44

Sanofi Aventis Rs9.00
Closing Rs325.00

Tri-Pack Film Rs8.21
Closing Rs194.21

Bata Pak Rs67.12
Closing Rs1,317.88

Mithehells Fruit Rs15.50
Closing Rs345.00

IGI Ins Rs7.40
Closing Rs140.60


Courtesy: The News

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