Equities at Karachi Stock Exchange (KSE) snapped losing streak Tuesday and recovered 73.83 points or 0.23 percent to close at 32,084.16 points. According to analysts, some recovery was seen in spite of falling global oil prices. They said investors accumulated cement and other leverage stocks in expectations of further fall in interest rate due to declining oil prices.
Analysts further said that KSE-100 index rose by 74 points to close at 32,084 points level, adding that volumes increased to 279 million shares and so did the value to $142 million (Rs 14.2 billion). Moreover, they said stocks showed recovery led by select cement and oil scrips on strengthening rupee parity against the dollar on Sukuk issue receipts, import bill reduction impacting earnings outlook in cement, auto and pharma scrips.
They said an upbeat cement sales data for November 2014, rising trend in DAP sales and concessionary gas to select fertiliser units, retail interest in second and third-tier stocks after government commitments on gas availability in Punjab played a catalytic role in bullish activity at KSE.
The KSE-100 index witnessed a bullish trend to close at 32,084.16 points, up 0.23 percent or 73.83 points. Among top 10 volume leaders, nine companies recorded a positive trend. During the intraday trading, the KSE-100 index remained sporadic, touching a highest level to 32,097.99 points and hitting 31,820.35 points lowest level. Trading took place in 379 scrips, of which 198 closed in positive and 165 scrips with minus signs. The value of 16 scrips remained unchanged.
B.O.Punjab emerged the volume leader with 41.11 million shares, up Re. 0.63 to close at Rs 9.80. Maple Leaf Cement stood second, up Rs 1.93 to close at Rs 40.72 on 17.33 million shares. D.G.K Cement closed at Rs 102.34, up Rs 4.54 on 14.85 million shares. K-Electric Ltd gained Re. 0.15 to close at Rs 8.43 on 9.73 million shares. Bank Al-Falah plunged by Re.0.03 to close at Rs 31.52 on 8.75 million shares. Pak Elektron surged by Rs 1.71 to close at Rs 35.99 on 8.72 million shares.
Fauji Cement closed at Rs 24.56, up Re. 0.60 on 8.66 million shares. Pioneer Cement also gained Rs 1.83 to close at Rs 79.45 on 8.60 million shares. Adamjee Ins closed at Rs 50.93, down Re. 1.43, on 7.24 million shares. Pakgen Power moved up by Re. 0.86 to close at Rs 26.49 on 6.92 million shares. Wyeth Pak Ltd and Exide (Pak) were the top gainers with Rs 196 and Rs 110.78 to close at Rs 4129 and Rs 2326.50, respectively. Bata (Pak) and Pak Tobacco XD were the worst losers with Rs 45.34 and Rs 39 to close at Rs 3399.66 and Rs 911.25, respectively.