KSE posts fresh gain of 129.36 points

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KARACHI - KSE-100 index closed all time high in the earning announcement session after sit-in ended in Quetta carnage following negotiation with parliamentarians. Bullish global stocks and commodities and strong earning outlook for Pakistan corporate sector played a catalyst role in positive sentiments after new finance minister appointment. At local equity market benchmark KSE-100 share index posted a fresh gain of 129.36 points or 0.73 percent to end the day at 17,947.07 points as compared 17,817.71 points of the previous day.

Analysts said record earning announcement by OGDC, $62m current account surplus for July-Jan 2013, expected hike in KESC power tariff, easing circular debt concerns in energy sector and hopes for OGDC gas sales agreement with fertilizer companies affected the sentiments

KSE-Allshare index grew by 80.04 points or 0.64 percent to close the day at 12,626.49 points, KSE-30 share index gained 129.11 points or 0.89pc to finish the session at 14,715.67 points while KMI-30 share index higher by 274.61 points or 0.89 percent to conclude the session at 31,121.73 points.

Market traded 267.274 million shares after opening at 266.242 million shares and the value of traded shares was climbed to Rs 9.271 billion from Rs 7.902 billion. Capitalisation of local equity market was settled at Rs 4.472 trillion compared to Rs 4.445 trillion of a day earlier.

With rising turnover market came close to 18,000 points level due to continuous foreign buying. Volume traded crossed Rs.9b with active role being played by institutions and high-net-worth individuals. Engro Foods closed near its upper limit due to institutional buying. Heavy weight OGDC, PPL, & POL also saw improvement in share price. Big cement companies like DG and Lucky cement also rallied in expectations that profit will further increase in this quarter, dealers observed here on Wednesday.

During the session, 359 companies participated in the trading where 172 closed in positive and 150 in negative while the value of 37 stocks remained intact. Nestle Pakistan Limited was the biggest price gainer of the day up by Rs 99.99 to Rs 4900 followed by Colgate Palmolive increased by Rs 75 to Rs 1575. Unilever Pak and Indus Motors Company were the top losers of the day down by Rs 23.90 to Rs 10358.60 and Rs 6.55 to Rs 304.45.

On the third consecutive day of trading week, active list was again topped by PTCLA with 32.746 million shares shed by Re 0.14 to Rs 21.75. NIB Bank Limited was on the second position with 24.165 million shares off by Re 0.22 to Rs 2.58. It was followed by Maple Leaf Cement with 16.508 million shares up by Re 0.11 to Rs 17.68, JS Company with 14.718 million shares misplaced Re 0.01 to Rs 18.30 and Telecard Limited with 14.007 million shares decreased by Re 0.05 to Rs 5.10.

Courtesy: The Nation


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