Market watch: Bourse gains in late buying


 Benchmark KSE-100 share index rises 72 points.


KARACHI: 

The stock market gained on Thursday in late buying after the bourse remained around the neutral line for most of the day.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.59 per cent or 72.73 points to end at 12,496.03 point level.


Renewed buying interest in the oil and fertiliser sector led the rally, said JS Global Capital analyst Jawad Khan.


Leading the oil sector rally, Oil and Gas Development Company jumped 2.8 per cent over rumours of foreign fund buying, added Khan. Foreign institutional investors were gross buyers of Rs1.06 billion and gross sellers of Rs3.76 billion worth of shares during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.


Fatima Fertiliser and Engro Corporation gained 1.47 per cent and 3.6 per cent amid news of increase in gas tariff to the sector. Investors believe that these companies will not be affected as they have a subsidised feed gas contract for ten years.


Trade volumes gained to 66 million shares compared with Wednesday’s tally of 61 million shares.


Investors opted to sell Pakistan State Oil at higher levels despite rumours that the Economic Coordination Committee is expected to increase margins for Oil Marketing Companies by 40 to 60 paisas in the meeting scheduled later in the day.


Shares of 329 companies were traded on Thursday. At the end of the day 112 stocks closed higher, 129 declined while 88 remained unchanged. The value of shares traded during the day was Rs2.85 billion.


Fatima Fertiliser Company was the volume leader with 7.95 million shares gaining Rs0.56 to finish at Rs16.64. It was followed by Bank Al-Habib with 4.43 million shares gaining Rs0.25 to close at Rs29.47 and Fauji Fertiliser Bin Qasim with 3.5 million shares losing Rs0.79 to close at Rs42.15.


Published in The Express Tribune, July 1st, 2011.

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