Stocks up in thin trade
The Karachi share market Thursday staged recovery and closed higher in thin trading. The benchmark KSE-100 index gained 91 points to close at 30,204 points compared to 30,113 points Wednesday. Samar Iqbal, Assistant Vice President Equity Sales Topline Securities, said the index recovered the last trading session''s fall after cherry-picking in select stocks coupled with better than expected September results. PSO and Mari remained in limelight due to investors'' expectations of favourable outcome from the ECC meeting, she added.
Copyright Business Recorder, 2014
Auto sector rallied amid hope of favourable changes in the tax regime coupled with government''s announcement of launching of subsidised car financing and depreciating JPY, she maintained.
During the intraday trading, the index touched 30,259 points highest and 30,104 point lowest levels. Despite positive trend, trading volume witnessed a downward trend and overall some 152 million shares were traded compared to 259 million in the previous session.
Market capitalisation posted an increase of Rs 19.2 billion to Rs 7.001 trillion up from Rs 6.982 trillion. Trading took place in 404 companies, of which 206 closed in green zone, 173 in the red, while 25 remained unchanged.
Ahsan Mehanti, an analyst at Arif Habib, said stocks showed recovery amid thin activity ahead of long weekend on account of Ashura holidays led by select scrips across-the-board on strong valuations.
He sad the ECC approval expected on Textile Policy 2014-19 and revised gas pricing formula for Mari Gas under Petroleum Policy 2001, record earnings in blue chip banking, fertiliser, cement and energy stocks played a catalytic role in bullish sentiment amid concerns for energy shortage, global equities sell-off and limited foreign interest
Among top 10 volume leaders, eight companies recorded a positive trend. With 28.6 million shares volume, Lalpir Power emerged the volume leader, gaining Re 0.22 to close at Rs 22.28. B.O.Punjab stood second, up Re 0.03 to close at Rs 8.76 on 13.8 million shares. Faysal Bank ranked third with 3.9 million shares, losing Re 0.21 to Rs 17.95.
United Bank Ltd closed at Rs 193.42, gaining Rs 3.76 on 3.8 million shares. Some 3.5 million shares of Hascol Petrol were traded and the scrip gained Re 0.56 to Rs 74.91. Meezan Bank surged by Rs 1.17 to Rs 47.78 on 3.2 million shares. Some 2.8 million shares of K-Electric were traded and the scrip increased by Re 0.08 to Rs 7.70. Lafarge Pak closed at Rs 15.76, gaining Re 0.09 on 2.7 million shares.
Engro Fertilizer fell by Re 0.85 to Rs 58.58 on 2.7 million shares. With some 2.4 million shares, Dewan Motors closed at Rs 9.26, down Re 0.36.
Unilever Foods and Service Ind Ltd were the top gainers with Rs 125.00 and Rs 46.83 to close at Rs 8,695.00 and Rs 983.47, respectively. Rafhan Maize and Exide (Pak) were the top losers with Rs 299.99 and Rs 39.71 to close at Rs 10,700.00 and Rs 1,380.29, respectively.