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Oil stocks take KSE to unseen highs

English.news.cn   2014-01-15 20:31:30

by Jawad Hussain

ISLAMABAD,Jan.15(Xinhua) -- Incessant buying euphoria continued at Pakistan's Karachi Stock Exchange (KSE) after a day-off on Wednesday as active participation by both foreign and local investors added over 170 points despite of late profit-taking by institutions.

The benchmark KSE 100-Index surged by 0.64 percent or 171.09 points to close at 26,761.78 points on Wednesday as against 26,590. 69 points recorded on Monday.

The KSE All Share Index increased by 0.59 percent or 118.02 points to end at 20,043.06 points, the KSE 30-Index moved up by 0. 46 percent or 89.75 points to conclude at 19,611.72 points, whereas the KMI 30-Index jumped by 0.3 percent or 133.32 points to

finish at 44,472.13 points on Wednesday.

During Wednesday's trading session, the key index hit an all- time intraday high of 26,876.71 points as against an intraday low of 26,590.69 points.

With impressive participation (volumes up 44 percent from last trading session) positive sentiment continued in the market.

Main interest was seen in oil stocks as nine out of 12 listed companies closed in green zone. Moreover, additional interest was seen in Engro Corporation as the stock gained momentum on the news of listing of Engro Fertilizers that will take place on Friday.

Meanwhile, selective profit-taking was seen in cement sector stocks.

Market volumes improved by 76.752 million shares to 306.631 million shares, capitalization augmented by 80.237 billion rupees (764.165 million U.S. dollars) to 6.502 trillion rupees (61.923 billion U.S. dollars), whereas trading value gained 2.249 billion rupees (21.427 million U.S. dollars) to 10.049 billion rupees (95. 709 million U.S. dollars) on Wednesday.

Among 418 active scrips Wednesday, prices of 253 issues advanced, 147 declined, whereas values of 18 other companies stayed unchanged.

Jahangir Siddiqui Company Limited, Azgard Nine Limited, and Karachi Electric Supply Company were the top traded companies with turnovers of 30.673 million shares, 21.593 million shares, and 19. 025 million shares, respectively.

Unilever Foods was the top price gainer with increment of 433 rupees (4.12 U.S. dollars) to close at 9,093 rupees (86.6 U.S. dollars) while Indus Dyeing led the major losers with decrement of 60.20 rupees (57.33 U.S. cents) to end at 1,151.50 rupees (10.96 U. S. dollars).

Editor: Mengjie
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