KARACHI – The benchmark index posted slight recovery following three consecutive days of slump that shaved off 517 points. The index closed added 15.84 points, while a meager 80 million shares were traded.
Investors were cautious and chose to remain on the side line. Activity remained volatile as market swung both ways before institutional interest at lower levels ensured minor advancement. The index closed at 11539.26 points, while total volume and total value stood at 64,814,623 and 2,768,207,921. The KSE-30 index gained 21.17 points after closing at 11063.00 levels, while the all Share index closed at 8085.52 levels after accumulating 6.11 points.
E and P led the advance amid rising international oil prices triggered by the deteriorating geo-political scenario in the Middle East. OGDC gained 0.9 percent despite the fact that it did not announce any payout with its 1HFY11 result, in addition to a below expectation EPS of Rs7.35 per share.
PPL advanced 1.7 percent over rumours of foreign funds interest, while POL invited some renewed local institutional interest. PTC also announced its 1HFY11 result, posting earnings of Rs 0.79 per share, which could not meet market expectations, leading PTC to close lower than 2.3 percent.
JSCL led the volume leader’s board followed by ANL. OGDC posted meager gains despite lower than expected 1HFY11 result and no dividend payout, contrary to expectation. Amongst the defensive plays HUBC and KAPCO remained under pressure while FFC recovered slightly. Dilution of foreign interest amidst turmoil in the middle-east and delay in implementation of reforms fueling concern for economic fundamental, investors should remains selective and cautious.
Out of total 655 scrips, 95 advanced, 184 declined and 376 remained unchanged. The KSE market capitalisation stood at Rs 3,120.62 billion, that is $36.53, while KSE future volume was 3.30 million shares, along with the KSE future value of Rs 274.00 million..
Major losers of the market were JSCL, TRG, PICT, ABOT, and MARI, while major gainers were SSGC, RMPL, PGF, AGTL and NJICL.
