Hectic buying activities in MCB Bank and Engro Corporation helped equities at Pakistan’s Karachi Stock Exchange (KSE) to gain almost 100 points on Thursday amid hopes of decline in headline inflation numbers as well as expectations of improved gas supply to the Engro’s fertilizer plants.
The benchmark KSE 100-Index gained 0.51 percent or 92.76 points to close at 18,173.67 levels on Thursday as against 18,080.91 levels recorded on Wednesday as investors also bought exposure in telecom, oil and cement sectors where Telecard Limited, Fauji Cement, Dera Ghazi Khan Cement, and Byco Petroleum remained in the limelight.
The KSE All Share Index increased by 0.6 percent or 76.37 points to end at 12,768.64 levels on Thursday as against 12,692.27 levels reported on Wednesday, the KSE 30-Index swelled by 0.28 percent or 41.02 points to conclude at 14,874.17 levels on Thursday as against Wednesday’s closing levels of 14,833.15, while on the other hand the KMI 30-Index bucked the trend and inched down by 0.08 percent or 25.96 points to finish trading activities at 31,362.24 levels on Thursday when compared with Wednesday’s 31,388.2 levels.
The Karachi Stock Exchange began trading proceedings on a bullish note on Thursday morning where during the initial trade the main index traveled northwards and soon crossed the psychological 18,200 levels before hitting an all-time intraday highest level of 18,217.83.
However, the key index faced strong resistance at above 18,200 levels which brought it down and after moving in a narrow range during the second half it closed the day with clipped gains above 18,100 levels.
Market volumes jumped by 48.775 million shares to 318.312 million shares on Thursday as against trading of 269.537 million shares recorded on Wednesday as investors continued the buying spree that has elevated the local bourse to unseen levels.
Market capitalization improved by 19.906 billion rupees (203. 123 million U.S. dollars) to 4.514 trillion rupees (46.06 billion U.S. dollars) on Thursday when compared with market capitalization worth 4.494 trillion rupees (45.86 billion U.S. dollars) posted the other day.
The Karachi Stock Exchange’s trading value augmented by 2.252 billion rupees (22.983 million U.S. dollars) to 9.530 billion rupees (97.245 million U.S. dollars) on Thursday when compared with Wednesday’s trading values of 7.277 billion rupees (74.262 million U.S. dollars).
As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the foreign investors resorted to take an exit from the top Pakistani bourse as they net sold shares worth 51.293 million rupees (0.523 million U.S. dollars) on Wednesday. During the month of February, the offshorers did net buying of 2.272 billion rupees (23.193 million U.S. dollars) till Feb. 27, 2013.
In broader market, a total of 369 companies changed hands during the course of trading on Thursday where prices of 192 issues declined in the red zone, 155 finished in green territory, whereas values of 22 other scrips stayed unchanged at previous day’ s levels.
Telecard Limited was the top traded company of the day with trading of 56.125 million shares in its scrip, followed by Pakistan International Airlines, Pakistan Telecommunication Company Limited, Engro Corporation, Azgard Nine Limited, Fauji Cement, Maple Leaf Cement, Dera Ghazi Khan Cement, Byco Petroleum, and Lafarge Pakistan with turnovers of 42.145 million shares, 29. 038 million shares, 17.002 million shares, 14.406 million shares, 9.159 million shares, 8.317 million shares, 7.961 million shares, 7.711 million shares, and 6.912 million shares, respectively.
Rafhan Maize Products was the top price gainer of the day as its per share price augmented by 179.95 rupees (1.83 U.S. dollars) to close at 3,929.95 rupees (40.10 U.S. dollars) while on the other hand UniLever Pakistan led the major price shedders on Thursday with decline of 350 rupees (3.57 U.S. dollars) per share to finish the day at 10,450 rupees (106.63 U.S. dollars).
MCB, Engro propel KSE 0.51 pct higher
