KARACHI – The KSE 100 index ended the day up 85 points with major exploration and production, fertiliser scrips alongside MCB leading the charge. The index heavyweight, OGDC, stood firm to support the index with a contribution of around 48 points which in a positive wave on the bourse.
The KSE 100 index closed at 12,455.75 with the gain of 85.16 points while total volume stood at 120,314,143 along with the total value of 5,082,527,577. Volumes were recorded at 137 million shares with LOTPTA being the volume leader, as PTA prices reached $1,450 per tonne from $1,370 per tonne last week.
Among energy stocks, PPL gained 1.2 percent post the result announcement, whereas POL gained 0.6 percent in anticipation of a healthy payout on January 28. Among fertiliser stocks, FFBL announced its 2010 results and beat the forecast of analysts, but closed nearly flat due to excessive profit taking, while Engro gained 2.4 percent over rumours of FII interest in the scrip.
MCB bank also gained 1.5 percent, on anticipation of better corporate results. The volume leaders on the exchange carry a weight of 73 percent of the total volume while LOTPTA alone generated 32 percent of the volume. FFBL results were better in contrast with expectations on the market but the stock moved towards the red zone as selling pressure mounted.
Engro and FFC continue to grow as better earnings expectation for both the stock backed by urea price hike and FFBL result. Oil sector upward surge supported the benchmark index’s performance along with DG Khan Cement and Lucky Cement.
Looking at individual stocks showed a mixed trend across the board. Habib Metropolitan Financial Services (HMFS) Head of Research Bilal Asif indicated that the result season may continue to dominate proceeding in the upcoming days.
