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Stocks close higher

A bullish momentum prevailed on the Karachi share market on the last trading of the week ahead of quarter-end earnings announcement. The benchmark KSE-100 index increased by 73 points to close at 30,098 points Friday compared to 30,025 points Thursday. On the last trading day, the market opened in green zone and the index moved upward, touching 30,243 points intraday high.

However, the market could not sustain the level and closed with an increase of 0.24 percent. The volume at the ready counter also maintained previous level as overall some 191.7 million shares were traded compared to 191.2 million in the previous session. "Stocks closed higher led by oversold oil stocks ahead of quarter-end earnings announcement due next week," said Ahsan Mehanti of Arif Habib.

Trade remained high on reports for start of OGDCL book building on 10 percent share sale early next month and recovery in international oil prices easing concerns for high inventory losses to OMCs, he added. Speculation continued in fertiliser and cement sector stocks amid expectations of record earnings for the quarter, he said. Despite sportive trend, the market capitalisation posted some decline. With a fall of Rs 9 billion, market capitalisation stood at Rs 6.995 trillion down from Rs 7.004 trillion a day earlier. Trading took place in 388 companies, of which 168 closed in green zone, 198 in the red, while 22 remained unchanged.

Analysts at JS said sentiment at the stock market remained positive on expected results of corporate sector. "The oil sector was led by PSO, which hit its upper circuit breaker due to rumours of the government making a disbursement of Rs 25 billion to the oil marketing companies," they said. In the banking sector, HBL came off by -1.2 percent after it announced 3Q2014 EPS of Rs 4.74 against expectations of Rs 5 per share. In the cement sector, DGKC moved up by 0.2 percent after it announced 1QFY15 EPS of Rs 2.71 against 1QFY14 EPS of Rs 2.4 with a jump attributed to lower finance cost, they maintained.

DGKC also announced the board''s approval to set up a 30 MW pulverised coal fire captive power plant at Kofli Sattai, Dera Ghazi Khan and equity investment of Rs 445 million in Adamjee Insurance Company Limited at prevailing market price. Market participants are expecting the market to continue its bullish momentum in the coming week. Among top 10 volume leaders, six companies recorded a positive trend. With 23.2 million shares volume, K-Electric emerged the volume leader, gaining Re 0.05 to close at Rs 7.85. Fauji Cement stood second, up Re 0.50 to close at Rs 22.10 on 10.6 million shares. Lalpir Power ranked third with 7.58 million shares, gaining Re 0.29 to Rs 21.59.

Pak Elektron (R) closed at Rs 6.98, down Re 0.79 on 4.8 million shares. Some 4.7 million shares of P.T.C.L were traded and the scrip moved down by Re 0.18 to Rs 21.01. Hascol Petrol gained Rs 1.88 to Rs 73.25 on 4.5 million shares. With 4.5 million shares volume, Askari Bank increased by Re 0.29 to Rs 22.68. Pak Elektron closed at Rs 27.06, losing Re 0.72 on 4.3 million shares. Silk Bank Limited declined by Re 0.10 to Rs 2.04 on 4.2 million shares. With some 3.9 million shares, D.G.K. Cement XD closed at Rs 78.96, up Re 0.12. Wyeth Pak and Exide (Pak) were the top gainers with Rs 100.01 and Rs 66.51 to close at Rs 4,400.01 and Rs 1,456.51, respectively. Rafhan Maize and Nestle Pak were the top losers with Rs 395.00 and Rs 240.00 to close at Rs 11,000.00 and Rs 8,750.00, respectively.

Copyright Business Recorder, 2014


Index Closing Chg%
Arrow DJIA 16,677.90 1.32
Arrow Nasdaq 4,452.79 1.60
Arrow S&P 1,950.82 1.23
Arrow FTSE 6,419.15 0.30
Arrow DAX 9,047.31 1.20
Arrow CAC-40 4,157.68 1.28
Arrow Nikkei 15,138.96 0.37
Arrow H.Seng 23,333.18 0.30
Arrow Sensex 26,851.05 0.24

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln