KARACHI, Nov 21: Stocks on Wednesday maintained their recovery drive boosted by fresh heavy buying in leading oil and banking shares on strong follow-up support and finished further higher amid an actively traded session. The KSE 100-share index ended with an extended gain of 194 points or 1.45 per cent at 13,509 points.
The rebound staged by the international oil prices and the new oil pricing formula after the end of the $50 per barrel ceiling were said to be the chief inspiring factors behind surge in share values of oil exploration companies as it would significantly add to their profitability.
The investors have returned to the share market as most of their worries about the future share business outlook and political irritants are fading progressively sans lifting of emergency, analysts said.
“In the changed scenario on the corporate front only fools could miss the current attractively lower levels, notably on the blue chip counters,” they said, adding “process of consolidation is now relative to the developing situation”.Foreign investors may still be a bit shaky and some of them who could peep into the future and accurately too are around, said a leading analyst.
The KSE 100-share index posted a fresh increase of 193.58 points or 1.45 per cent at 13,508.98 as compared to 13,315.42 a day earlier as leading base shares rose further higher. The KSE 30-share index on the other hand showed a big rise of 344.96 points at 16,205.72.
Along with the current favourites in the oil and banking sectors, low-priced cement shares and some others also joined the rank of active “buys” and added to the inherent strength of the current rally, floor brokers said.
Leading gainers were led by Adamjee Insurance and JS & Co, up by Rs16.30 and Rs26.90 followed by MCB, Arif Habib Ltd, EFU General, Pakistan Resource Co, Shell Pakistan, BOC Pakistan, Al-Ghazi Tractors, Cherat Papersack and Colgate Pakistan, which posted gains ranging from Rs8 to Rs15.
Losses on the other hand were mostly fractional barring Noon Pakistan, Abbott Lab, Unilever Pakistan and Sapphire Fibres, off by Rs2.90 to Rs7, but leading losers included Unilever Pakistan, Pakistan Engineering and Siemens Pakistan, off by Rs14, Rs15.65 and Rs86, respectively.
Trading volume is progressively rising to a respectable total and amounted to 260m shares as compared to previous 206m shares, reflecting the investor confidence. Out of the total 369 actives, 244 ended higher, while 103 fell with 22 shares holding on to the last levels.
OGDC again topped the list of the most actives, steady by 50 paisa at Rs120.40 on 33m shares followed by Arif Habib Securities, higher by Rs7 at Rs169 on 20m shares, Pakistan Cement, firm by 70 paisa at Rs10.90 on 16m shares and TRG Pakistan, steady by 25 paisa at Rs13.05 on 15m shares.
Pakistan Petroleum led the other actives, higher by Rs3.85 at Rs249.10 on 12m shares, D.G. Khan Cement, up by Rs2.60 at Rs91.50 on 11m shares, Pakistan Oilfields, higher by Rs6.25 at Rs337 also on 11m shares and National Bank, up by Rs2.40 at Rs238 on 8m shares.
FORWARD COUNTER: MCB led the list of actives on this counter, up by Rs11 at Rs356.10 on 6m shares followed by Pakistan Petroleum, higher by Rs3.45 at Rs250 on 5m shares and OGDC, steady by 75 paisa at Rs121.05 on 4m shares.
Lucky Cement led the list of other actives, up by Rs2.15 at Rs116.25 on 4m shares and Pakistan Oilfields, higher by Rs7.20 at Rs338.40 also on 4m shares.
DEFAULTER COMPANIES: Active trading was witnessed on this counter amid alternate bouts of buying and selling under the lead of Zeal Pak Cement, up by 15 paisa at Rs4.70 on 2.445m shares, Unity Modaraba followed it, lower 55 paisa at Rs1.25 on 1.180m shares and Japan Power, lower 10 paisa at Rs8.20 on 0.960m shares.
Other actives were led by Norrie Textiles, steady by five paisa at Rs1.90 and Crescent Standard Modaraba, easy five paisa at Rs2 on 0409m shares.