Stocks continue bullish trend led by PTCL, OGDCL

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KARACHI: Karachi Stock Exchange’s benchmark 100-index recorded another positive session Wednesday and reached to an all time high index of 17,696.45 points with increase of 85.05 points on interest in result-based stocks, dealers said. Khurram Schehzad, head of research at Arif Habib Co, said that market was positive and mostly it was driven by result-based stocks. “Trading in Pakistan Telecommunication Company Limited (PTCL) was done because of its good results, while foreign buying was also noted in Oil and Gas Development Company Ltd. (OGDC),” he said.

Now, capital market was running on fundamental and sector by sector work, which was a good sign, he said.

The KSE-100 index surged by 85.05 points, or 0.48 percent, to 17,696.45 points against 17,611.40 points recorded in the last session. The index at one time during the intraday session reached to a high level of 17,737.68 points, while the lowest index was recorded at 17,611.40 points. KSE-30 index was improved by 63.40 points, or 0.44 percent, to 14,449.55 points in the session.

Along with the index, both turnover and value shot up. Turnover was improved by 25 million shares to 261.95 million shares from 236.32 million shares, whereas value scaled up to Rs7.12 billion against Rs6.89 billion recorded in the last session.

Zafar Moti, a senior member of the KSE, told The News market showed positive behaviour despite weakening of rupee against dollar and repayment of its loan installment to the IMF.

“Economy is going in one direction, while capital market is moving in another,” he said.

Samar Iqbal, an equity dealer at Topline Securities (Pvt.) Ltd., said index continued its bull run led by PTCL and OGDC. “Some institutional interest in OGDC helped it cross 200 mark for the first time. Sui Northern Gas Pipelines (SNGP) also went up after the result,” she said.

Highest increase was recorded in shares of Bata (Pak) by Rs16.90 to Rs1,473.90 per share and National Foods (by Rs14.67 to Rs308.62 per share). Major decline was noted in shares of Nestle Pakistan Ltd by Rs75 to Rs4,955 per share and Unilever Pak (by Rs75 to Rs10,275 per share).

Significant turnover was registered in stocks of PTCL, NIB Bank Limited, PIA, Sui Northern Gas and Telecard Limited. PTCL remained the volume leader with 44.81 million shares with increase of 19 paisas to Rs20.10 per share. Playing second fiddle was NIB Bank Limited with 16.29 million shares with increase of 16 paisas to Rs2.77 per share.

Shares turnover in the futures market was up to 21.02 million shares from 15.56 million shares traded in the previous session. Of the total of 356 companies’ stocks traded, 192 advanced, 145 declined and 19 remained unchanged.

Bata Pak Rs16.90
Closing Rs1,473.90

National Foods Rs14.67
Closing Rs308.62

Siemens Engg Rs14.15
Closing Rs617.00

Nestle Pak Rs75.00
Closing Rs4,955.00

Unilever Pak Rs75.00
Closing Rs10,275.00

Pak Gum & Chem Rs5.21
Closing Rs159.75


Courtesy: The News

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