Karachi Stock Exchange gains 41 points despite lackluster trading


KSE-100 index witnessed a day of lackluster trading in the absence of any interest from local as well as foreign investors. As calendar year approaches closure, today’s session being the last one for clearing in CY12 drew investor’s interest seeking to square position. However, investor participation was highly skewed towards HUBC which bagged one-third of the 46 million shares traded.
Despite an ADR of less than one, an overall advancement at local bourse was completely distorted by thinly traded ULEVER and NESTLE, a synonymous ploy for local market. Volumes improved 135 per cent from previous session with major interest witnessed in HUBC, owing to its attractive dividend yield. OGDC managed to close 0.3 per cent higher on the news flow regarding the production flows from NASHPA II. Further consolidation was witnessed in fertiliser stocks as uncertainty continues to prevail regarding Gas Infrastructure Development Cess (GIDC).
With today’s notification of an increase in consumer gas prices from 1st Jan 2012, fertiliser stocks followed by cement and industries are poised for reaction in upcoming session. Given heightened systematic risks we reiterate investors to remain caution as foreign flows could dictate the trend ahead, said Salman Vidhani, Senior Investment Analyst at HMFS.
KSE 100 index closed at 11352.59 levels with the gain of 41.21 points, while KSE 30 index bagged 12.60 points to close at 10288.20 levels. All Share index closed at 7856.03 levels, after gaining 29.37 points. Total 104 scrips advanced 106 declined and 105 remain unchanged out of total 315 scrips traded.