Alert Sign Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on

Alert Sign Dear reader, please upgrade to the latest version of IE to have a better reading experience


Stocks add 59 points to overnight gains

November 29, 2012

KARACHI, Nov 28: The Karachi Stock Exchange (KSE) achieved two milestones on Wednesday as it hit a new all-time high of 16,504.09 points and ended at its highest ever level of 16,424.03 points, led by the fertiliser and the FMCG sector.

The KSE 100-share index ended 0.36 per cent, or 59.26 points, to record high of 16,424.03 points. Turnover decreased slightly to 312.7 million shares, compared with 317.8 million traded on Tuesday, as some investors were cautious and preferred to stay on the sidelines as the index breached its previous all-time high.

But trading value rose to Rs7.62 billion from the previous day’s value of Rs6.9 billion and market capitalisation ended at Rs4.13 trillion, compared with Tuesday’s Rs4.1 trillion.

“The buyback announcement from Unilever management brought renewed interest in the stock business as investors anticipating the deal to be struck at a higher level. While investors’ interest was also seen in other consumer stocks like Nestle and Engro Foods,” said Samar Iqbal, a dealer at Topline Securities Ltd.

Engro Corp also remained active in anticipation that the government may soon provide gas to its second plant.”

Unilever Overseas Holding Ltd, which currently holds 75.07 per cent of the issued capital of Unilever Pakistan, said it intends to acquire all of the issued ordinary shares held by other shareholders at Rs9,700 per share.

Unilever was the biggest gainer as it increased by Rs485 to 10,185, followed by Nestle which was up Rs201 to Rs4,900.

“Official stance to do away with CNG in phases, with import of gas substitute for domestic use already in process, kept the fertiliser sector in lime-light,” said Hasnain Asghar Ali from Escorts Capital.

The Pakistani equity market which has already reaped an enviable return of 45 per cent in the current year continues to outperform all major world and regional markets.

Foreign investors bought equities in the net sum of $2.6 million, compared with $0.80 million on Tuesday, taking the current month portfolio investment to $32.3 million. Among the local participants, individuals decided to take profit through sale of $1.71 million worth shares.

The KSE-30 index ended 0.31 per cent, or 59.26 points, higher at 13,301.01 and out of the 394 companies traded, the value of 179 increased, 189 decreased while 26 remained unchanged.

Among the 10-top traded stocks, Fauji Cement charged from the front with volume of 40.18 million shares, up 4 paisa to Rs6.94. The monopoly utility provider KESC saw turnover of 35.1 million shares, up by 6 paisa to Rs6.62. The third and fourth slots were also taken by cement stocks as Dewan Cement with volume of 19.5 million shares gained 30 paisa to Rs5.48 and Lafarge Pakistan settled at Rs5.38 on 15.25 million shares, adding 7 paisa to the stock’s overnight value.

Engro Corporation rose Rs2.26 to Rs97.53 on turnover of 14.5 million shares, followed by Engro Foods which ended up Rs3.91 to Rs84.66 on 13.77 million shares. DG Khan Cement fell 26 paisa to Rs55.14 on 10.24 million shares.

Wateen Telecom Ltd gained 32 paisa to Rs3.13 on 8.81 million shares, Jahangir Siddiqui Co shed 5 paisa to Rs15.68 on 7.11 million shares and Byco Petroleum ended 9 paisa higher at Rs110.1 on 6.23 million shares.