Karachi stocks see mixed trend, index rises 56 points
Monday, 14 September 2009
KARACHI, Sept 13: The Karachi stock market witnessed intense buying activities during the week as foreign investors continued to buy shares of blue chips like those of oil, banks and fertilizer sectors,according to Daily Times.
The Karachi Stock Exchange (KSE) 100-share index gained 56.09 points or 0.6 per cent to close at 9,058.77 points as compared to 9,002.68 points of the previous week.
The turnover was recorded at 192.75 million shares as compared with 194.58 million shares of the previous week, reflecting a decline of 2.14 per cent.
"Foreign buying, again, remained at the heart of the market with foreigners buying shares worth $28.6 million," said analyst at JS Research Bilal Qamar. "Ease in doing business ranking of Pakistan remained unchanged at 85th rank in the world, where as in Asia, Pakistan notched the first spot according to a report released by the World Bank. This has no doubt attracted offshore investors who bought shares worth $51.0 million and sold shares worth $22.4 million, resulting in a net buying of $28.6 million."
Moreover, in the T-bill auction on Wednesday, 12-month paper saw its cut off yields rising by 4 basis points with no major impact on the market, he said and added that major participation was witnessed in 12-month paper, which reflected that the banks were expecting another major cut in the yields in future. A total of Rs 92 billion were participated against the target of Rs 50 billion with State Bank of Pakistan accepting Rs 51 billion. Cut off yields on the 12-month paper rose to 12.482 per cent while 6-month and 3-month T-bill yields came in at 12.778 per cent (up 23bps) and 12.517 per cent (up 14bps).
He said textile and fertilizer sectors were among the top performers in the outgoing week with their market capitalisation increasing by 4.4 per cent and 2.4 per cent, respectively.
The rally in the textile sector was led by positive news from the textile policy and a bright future ahead for the industry, where the procurement for the Rabi season increased urea demand, he added.
"Rise in commodity prices including local cement prices, crude oil prices at $72, lower CPI figure for August at 10.69 per cent on yearly basis, rising auto sector growth by 23.37 per cent for the first two months of 2009-10, record remittances of $780 million in August and expectations of early resolution of circular debt issue kept the market in the positive zone," said analyst at Shahzad Chamdia Sec Ahsan Mehanti.
ISLAMABAD: The Islamabad stock market witnessed range-bound activities during the week, analysts said on Saturday. The Islamabad Stock Exchange (ISE) 10-share index was lower by 0.41 points to close at 2,238.54 points as against the previous week's close of 2,238.95 points.
The index remained negative for three days (September 7, 8 and 10) and it was positive on September 9 and 11. Total volume of transactions stood at 8.294 million shares as against 9.139 million shares last week, showing a net decrease of 0.845 million shares or 9 per cent. The minimum transaction in the outgoing week was recorded on September 11 when the market reached 1.357 million shares and the index increased by 24.05 points to close at 2,238.54 points from the previous level of 2,214.49 points.
The maximum transaction in the outgoing week was 2.089 million shares while last week it was 2.074 million shares. The maximum decrease in the share price of a company was observed in Unilever Pakistan, the price of which decreased by Rs 12 on September 11 when the index increased by 24.05 points.
The maximum share price increase of a company was also observed in Unilever Pakistan, which increased by Rs 87.45 on September 10 when the index lost 47.98 points.
LAHORE: The Lahore Stock Exchange (LSE) was range bound during the week and lost 18.89 points to close at 2,859.61 points as against its opening at 2,878.53 points. The volume of the market this Friday remained at 18.5 million shares, which was 0.87 million shares more than previous Friday's turnover of 17.63 million shares.
Though this Friday, the market remained bullish and added 39.48 points but it witnessed mixed trends from Monday to Thursday.
The Karachi Stock Exchange (KSE) 100-share index gained 56.09 points or 0.6 per cent to close at 9,058.77 points as compared to 9,002.68 points of the previous week.
The turnover was recorded at 192.75 million shares as compared with 194.58 million shares of the previous week, reflecting a decline of 2.14 per cent.
"Foreign buying, again, remained at the heart of the market with foreigners buying shares worth $28.6 million," said analyst at JS Research Bilal Qamar. "Ease in doing business ranking of Pakistan remained unchanged at 85th rank in the world, where as in Asia, Pakistan notched the first spot according to a report released by the World Bank. This has no doubt attracted offshore investors who bought shares worth $51.0 million and sold shares worth $22.4 million, resulting in a net buying of $28.6 million."
Moreover, in the T-bill auction on Wednesday, 12-month paper saw its cut off yields rising by 4 basis points with no major impact on the market, he said and added that major participation was witnessed in 12-month paper, which reflected that the banks were expecting another major cut in the yields in future. A total of Rs 92 billion were participated against the target of Rs 50 billion with State Bank of Pakistan accepting Rs 51 billion. Cut off yields on the 12-month paper rose to 12.482 per cent while 6-month and 3-month T-bill yields came in at 12.778 per cent (up 23bps) and 12.517 per cent (up 14bps).
He said textile and fertilizer sectors were among the top performers in the outgoing week with their market capitalisation increasing by 4.4 per cent and 2.4 per cent, respectively.
The rally in the textile sector was led by positive news from the textile policy and a bright future ahead for the industry, where the procurement for the Rabi season increased urea demand, he added.
"Rise in commodity prices including local cement prices, crude oil prices at $72, lower CPI figure for August at 10.69 per cent on yearly basis, rising auto sector growth by 23.37 per cent for the first two months of 2009-10, record remittances of $780 million in August and expectations of early resolution of circular debt issue kept the market in the positive zone," said analyst at Shahzad Chamdia Sec Ahsan Mehanti.
ISLAMABAD: The Islamabad stock market witnessed range-bound activities during the week, analysts said on Saturday. The Islamabad Stock Exchange (ISE) 10-share index was lower by 0.41 points to close at 2,238.54 points as against the previous week's close of 2,238.95 points.
The index remained negative for three days (September 7, 8 and 10) and it was positive on September 9 and 11. Total volume of transactions stood at 8.294 million shares as against 9.139 million shares last week, showing a net decrease of 0.845 million shares or 9 per cent. The minimum transaction in the outgoing week was recorded on September 11 when the market reached 1.357 million shares and the index increased by 24.05 points to close at 2,238.54 points from the previous level of 2,214.49 points.
The maximum transaction in the outgoing week was 2.089 million shares while last week it was 2.074 million shares. The maximum decrease in the share price of a company was observed in Unilever Pakistan, the price of which decreased by Rs 12 on September 11 when the index increased by 24.05 points.
The maximum share price increase of a company was also observed in Unilever Pakistan, which increased by Rs 87.45 on September 10 when the index lost 47.98 points.
LAHORE: The Lahore Stock Exchange (LSE) was range bound during the week and lost 18.89 points to close at 2,859.61 points as against its opening at 2,878.53 points. The volume of the market this Friday remained at 18.5 million shares, which was 0.87 million shares more than previous Friday's turnover of 17.63 million shares.
Though this Friday, the market remained bullish and added 39.48 points but it witnessed mixed trends from Monday to Thursday.