RECORDER REPORT
KARACHI: Karachi Stock Exchange Wednesday maintained a positive trend and the KSE-100 Index recovered 116.86 points to close at 22,347.29 against 22,230.43 Tuesday.
The Index touched 22,539 highest and 22,230 lowest levels during the intra-day trading. The market capitalisation witnessed some improvement as it stood at Rs5.287 trillion against Rs5.255 trillion. The trading side could not maintain positive trend and the volume at the ready counter closed lower at 148.653 million shares from 167.244 million shares.
Commenting on the market performance, analysts said mainly led by oil stocks, the market continued to rally for 3rd consecutive day after gaining 116 points. Investors remained bullish amid September results and improved US-Pak ties while sentiments further augmented after heavy foreign inflow.
They said Benchmark Index gained by 3.46 percent in three-day rally. PTC remained the volume leader after 17mn shares changed hands and the stock price gained by 2 percent. They said Pakistan stocks closed higher amid thin trade led by oil stocks on renewed foreign interest and speculations ahead of PM meeting with US President to discuss bilateral economic and security issues.
They said that record earning announcements in cement, oil stocks, higher local cement prices and hopes for key announcements on privatisation of SOEs, 3G licence auctions in telecom sector and Pak-US trade and security assistance following meetings of Pak-US officials played a catalyst role in bullish sentiments in select scrips across the board despite major fall in global stocks and commodities after dismal US economic data, they added.
Out of total 331 active stocks, 155 witnessed positive trend, 149 negative and that of 27 remained unchanged. Two top gainers for the day were Wyeth Pak, which shot up by Rs205 to Rs4305 and Bata (Pak), which climbed by Rs85 to Rs1785. The top losers were Rafhan Maize XD, which shed Rs196.67 to Rs5050 and Siemens Pakistan, which lost Rs14.78 to Rs900.
Of the Top 10 volume leaders, PTCLA led the tally with 16m shares, gaining 53 paisa to close at Rs26.98. Lafarge Pak shed 98 paisa to Rs7.35 on 14m shares; and Fauji Cement XD fell by 16 paisa to close at Rs12.35 on 12m shares. Bank Al-Falah gained 54 paisa to close at Rs22.41 on 8m shares; B.O. Punjab fell by 23 paisa to close at Rs10.51 on 6m shares; and Engro Polymer gained eight paisa to Rs13.33 on 6m shares.
Maple Leaf Cement bagged 18 paisa to close at Rs22.50 on 5m shares; National Bank witnessed a fall of 33 paisa to Rs51.89 on 5m shares; Engro Corporation witnessed a decline of Rs1.21 to close at Rs137.30 on 4m shares; and DGK Cement XD lost 63 paisa to Rs71.16 on 4m shares.
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