KARACHI: The stock market on Wednesday maintained its upward drive on renewed selective support aided by strong presence of foreign investors, but late profit-selling allowed the benchmark index to close with a clipped gain.
After earlier having breached through the barrier of 9,800, the KSE 100-share index finally finished with a fresh net rise of 69.93 points at 9,727.36 as compared to 9,657.38 a day earlier, signaling that it could take a breather around the face value.
“A loud whispering about launching of the ready board leverage facility possibly this month seems to have sent a wave of optimism in the credit-starved market,” analyst Ahsan Mehanti quoting well-informed sources said.
Though much delayed despite persistent demand of the brokerage houses and investors for its early launch, but positive news is never late, he said and added that easy availability of credit lines under the new regime would boost both the daily volumes and equity prices.
“It was a judicious blend of both local and foreign buying in the banking, oil and fertiliser sectors at the attractively lower levels, which further intensified the investor belief about higher corporate earnings notably by the banking sector,” said analyst Hasnain Asghar Ali.
Analyst Salman Naqvi thinks the presence of foreign buying has raised hopes that market is heading for new highs but fears that political constraints may cause dents in the price flare-ups.
Leading gainers were led by Fazal Textiles and HinoPak Motors, up by Rs18.25 and Rs9.81 followed by PSO, Nestle Pakistan, Bata Pakistan, Bhanero Textiles, MCB Bank and IGI Insurance, up by Rs4.34 to Rs6.
Prominent losers included Siemens Pakistan and Lakson Tobacco, lower by Rs54.47 and Rs7.98 respectively. Other losers included Ismail Industries, Exide Pakistan, Thal Industries, Sanofi-Aventis, Glaxo-SKF, Abbott Lab and Pakistan Services, off by Rs4.04 to Rs6.23.
Trading volume soared to 228m shares from 193m shares a day earlier as gainers maintained a fair lead over the losers at 200 to 176, with 27 shares holding on to the last levels.
The active list was topped by Lotte Pakistan, firm 60 paisa at Rs8.84 on 31m shares followed by JS & Co, steady 73 paisa at Rs31.17 on 16m shares, Arif Habib Securities, up 73 paisa at Rs52.27 on 15m shares, Nishat Chunian, higher by 97 paisa at Rs21.53 on 11m shares, OGDC, higher by Rs1.32 at Rs118.73 on 10m shares, National Bank, up Rs1.44 at Rs80.72 also on 10m shares and Bank Alfalah, steady by 10 paisa at Rs14.14 on 9m shares.
PTCL followed them, firm by 26 paisa at Rs18.55 on 9m shares, NIB Bank, steady by 11 paisa at Rs5.09 on 8m shares and Bank of Punjab, easy by 36 paisa at Rs20.49 on 7m shares.
FUTURE CONTRACTS:
Adamjee Insurance came in for active support and was quoted higher by Rs2.61 at Rs131.06 on 1.44m shares followed by Pakistan Oilfields, easy 49 paisa at Rs245.03 on 0.663m shares and OGDC, up 67 paisa at Rs117.99 on 0.616m shares.
National Bank followed them, up Rs1.54 at Rs81.14 on 0.413m shares and D.G. Khan Cement, lower by 12 paisa at Rs33.12 on 0.328m shares.
DEFAULTER COMPANIES:
The active list was led by Crescent Standard Modaraba, easy by 19 paisa at Rs0.36 on 498m shares followed by Japan Power, lower by nine paisa at Rs2.46 on 0.361m shares and Pangrio Sugar, up three paisa at Rs6.78 on 0.178m shares.
Mukhtar Textiles, higher by 28 paisa at Rs0.78 on 0.166m shares followed by Landmark Spinning and some others, which were also actively traded.
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