KARACHI, Feb 10: The KSE-100 index crossed the barrier of 11,000 points on Friday, keeping up its bull-run to the highest ever levels.
The bullish rally was led by the banking and the energy sector, where the sleeping giant, OGDC alone contributed 85 points to the index. Other notable energy scrips like PPL and POL also contributed to the index upswing. Nishat Mills closed limit up. Analysts said that there were several positive developments that put fuel to the fire of the current rally at the market. Those included the statement by US President Bush about trade with Pakistan and the Standard & Poors’ note on Pakistan equity market as the best performing market in Asia Pacific. Moreover, the upcoming investors’ conference in Singapore further developed hopes of attracting fresh foreign support in the Pakistani equity market.
Traders suggested the presence of foreign buying in banking and oil & gas sectors. Total trading volumes decreased by 8.8pc to 771m shares, constituting 602m shares and 169m shares in the ready and future counters respectively. Out of 390 scrips traded on Friday, 179 advanced, 171 declined while the value of 40 companies remained unchanged.
As the market opened after two days of closure, volatility between the day high and day low was recorded considerably high at 210 points. The day being Friday, the index posted larger gains in the first session, which stood a bit pared in the second session. It finally finished with a gain of 139.08 points to 11,052.86 from the previous close of 10,913.78 points.
Shares that recorded highest gains included Siemens Engineering, which rose by Rs54.05 and closed at Rs1,159, followed by Shell Pakistan, up by Rs13.90 to Rs740. Some of the other scrips that posted considerably gains were; Jahangir Siddiqui & Co; Nishat Mills; Arif Habib Securities; Jahangir Siddiqui Capital Markets; MCB Bank; National Bank; D.G. Khan Cement; Pakistan Oilfields and Treet Corporation.
Prominent losers for the day were Gillette Pakistan, which lost Rs15.90 to Rs302.10 and National Refinery down Rs11.05 to Rs386.45. Other declining scrips included: PNSC; Attock Petroleum; Pak Suzuki and some others.
OGDC topped the list of actives higher by Rs4.80 at Rs141.75 on 81.1 million shares, followed by D.G.K. Cement up by Rs4.50 to Rs143.25 on 64.5 million shares; NBP up by Rs4.40 to Rs268 with volume of 39.7 million shares; BOP gaining 95 paisa at Rs127.50 on 38.1 million shares; Pakistan Petroleum higher by Rs5.50 to Rs235.50 on 35.4 million shares; PTCL up by 95 paisa to Rs66.70 on 30.3 million shares; Nishat Mills gaining Rs6.90 to Rs145.50 on 28.4 million shares.
FORWARD COUNTER: OGDC topped the list of actives on cleared list, up by Rs4.65 to Rs142.65 on 21.8 million shares; followed by DGKC up Rs4.80 to Rs143 on 15.9 million shares; NBP higher by Rs4.90 to Rs275.25. Other actives were PPL and MCB.
DEFAULTERS’ COUNTER: Harum Textile Mills lost Re1 to Rs4.10 on 10,000 shares; Trust Brokerage rose by 80 paisa to Rs9 on 500 shares and Crescent Fabrics gained 25 paisa on 22,500 shares to close at Rs17.75.
DIVIDEND: Kapco announced interim cash dividend at Rs4 per share (40 per cent) for the half year ended Dec 31, 2005.
