Global markets rebound pushes KSE index up.

Global markets rebound pushes KSE index up

KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-share Index recovered 65 points on select buying in telecom, fertiliser and banking sectors after global markets rebounded, said dealers on Friday.

• “Stocks closed bullish along with the global markets after the European Central Bank announced unlimited bond-buying to ease debt crisis,” said Ahsan Mehanti, an analyst at Arif Habib Corporation.
•  The KSE 100-share Index recovered 65.43 points, or 0.43 percent, to 15,253.96 points. In the last three consecutive sessions, the index had cumulatively lost 242.96 points, or 1.57 percent.
• The index, therefore, moved on both the sides of the fence by 122.28 points, making the intraday high of 15,310.81 points and the low of 15,188.53 points.
• The KSE 30-share Index increased by 40.55 points, or 0.31 percent, to 13,034.11 points.
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• Mehanti said that investors accumulated stocks in oversold market after the government and its allies reached an agreement on the local government system.
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• Higher global commodities amid speculations for easing policy rate and efforts for implementation of the International Clearing House mechanism for the telecom sector played a catalyst role in the bullish sentiment at the bourse, despite concerns over power crisis in the country, he said.
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• Samar Iqbal, an equity dealer at Topline Securities, said that the turnover once again skewed towards the telecom sector as it contributed over 45 percent of total turnover traded in the session with the follow-up buying on International Clearing House’s (ICH) development. Telecard, Wateen Telecom Limited and Pakistan Telecommunication Company topped the turnover.
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• Buying interest was also seen in Engro Corp amid hopes of resolution of its gas curtailment, she said.
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• Stocks that played leading role in driving the 100-share index up included Pakistan Telecommunication Company Limited, Engro Corporation, MCB Bank Limited and Unilever Pakistan.
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• Stocks that resisted a larger gain included Fauji Fertilizer Bin Qasim, National Bank of Pakistan, United Bank Limited, Oil and Gas Development Company Limited, Habib Bank Limited and Colgate Palmolive.
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• Turnover surged by 22 percent to 230.10 million shares from 189.08 million shares traded in the previous session. Turnover in the futures market lowered to 13.25 million shares from 14.13 million shares traded a day earlier. Market capitalisation rose by Rs13 billion to Rs3,888 billion. Of total 318 companies’ stocks traded, 183 advanced, 120 declined and 15 remained unchanged.
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• Telecard Limited was the volume leader with a turnover of 50.25 million shares, as it closed at Rs3.45 with a gain of 69 paisas followed by WorldCall Telecom with a turnover of 31.04 million shares, as it closed at Rs3.24 with an increase of 20 paisas.
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• PTCL with a turnover of 21.56 million shares closed at Rs20.57 with one-day maximum allowed increase of Re1.

1. Unilever Pak Rs440.00
2. Closing Rs39,240.00
3.  
4. Unilever Food Rs146.00
5. Closing Rs3,269.00
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7. Island Tex Rs9.30
8. Closing Rs305.00
9.  
10. Colgate Palm Rs25.00
11. Closing Rs1,325.00
12.  
13. National Foods Rs13.13
14. Closing Rs249.50
15.  
16. Shezan Int Rs10.93
17. Closing Rs231.67
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19. Courtesy: The News

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