KARACHI: After taking a break on Tuesday, the stocks continued northwardly journey on Wednesday with the KSE-100 index adding 63.34 points to settle close to 30,500 levels at new all-time high 30,465.43 points.
Foreign investors were in the forefront of the buyers with net purchases of $3.82m worth equity. Sector-wise, the inflow amounted to $1.3m in oil and gas and around $0.5m each in banks and chemicals.
Local institutional players stood on the sidelines waiting perhaps for release of results of big-ticket corporates. The drop in volume also indicated lack of interest among local participants, in the last few days of Ramazan.
KSE-100 index crosses 30,000 level
Cement sector saw brisk activity, though most stocks LUCK, LPCL, DGKC, MLCF and FCCL depreciated by 1.94pc, 1.37pc, 1.50pc, 0.33pc and 0.48pc respectively. Dealers pointed out that LPCL and FCCL recorded the highest turnover for the day. LPCL was stated to have remained volatile as investors remained uncertain about rumours regarding its bid price. CHCC swam against the tide and hit its ‘upper circuit’.
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Ahsan Mehanti at Arif Habib Corp. commented that stocks at the KSE were led by oil and fertiliser sector stocks on strong earnings outlook. Renewed foreign interest, expectations of favourable announcements on revised Gas Infrastructure Development Cess (GIDC) levy on the fertiliser sector, rising cement exports and higher international oil prices played a catalyst role in bullish sentiments at KSE.
Above expected earnings in banking and auto sector lifted sentiments.
According to brokerage Sunrise Capital, in the oil and gas sector value of Hascol dropped by 0.48pc, but index heavyweight OGDC, PPL and PSO appreciated by 0.49pc, 0.84pc, and 0.71pc respectively.
Published in Dawn, July 24th, 2014
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