KARACHI: The stock market on Thursday finished the weekend session on a bullish note as the year-end short-covering figured prominently on the oil and banking sectors at the still lower levels amid an actively traded session.
But the chief aiding factor behind the snap rally was approval of next tranche of $1.02 billion by the IMF which reflected the Fund’s perception about the economic growth of Pakistan, analysts said.
The market’s buoyant mood was also well-reflected in the steep rise in the KSE 100-share index, which posted a sharp gain of 119.31 points or 1.28 per cent at 9,422.23 points and so did its junior partner the KSE 30-share index up 120.77 points or 1.23 per cent at 9,903.13.
‘The benchmark index may not end the year around its base level of 10,000 points, but the weekend sharp rise reflects that it could end half way to the target, a spectacular performance judged by any standard,’ remarked analyst Ahsan Mehanti.
He said it may not be conceivable to think that the index could add another 600 points to the total during the last three sessions for obvious reasons.
But Faisal A. Rajabali thinks anything is possible in a market which essentially depends on positive news. He recalled a single session spurt of 960 points after the extension of capital gains tax by two years.
It was a very unusual performance as investors led by some of the leading funds apparently ignored the fears associated with the long weekend on account of birth day of Quaid–e-Azam and Ashura and indulged in speculative buying, analysts said.
But the underlying sentiment at no stage showed that the weekend rally was overdone as some of the institutional traders were active on select counters mostly at the dips.
The general trend was, however, on the liquidation side as leading jobbers and short-term dealers did not take fresh positions and tried to shed extra load where possible.
Leading gainers were led by Wyeth Pakistan and Unilever Pakistan, up Rs24.44 and Rs24.12 followed by Fazal Textiles, PECO, Lakson Tobacco, Bata Pakistan, Glaxo and Treet Corporation, up Rs4.75 to Rs14.28.
Prominent losers included Siemens Pakistan and Fateh Textiles, off by Rs33.93 and Rs19. Other leading losers were led by Nestle Pakistan, Pakistan Services, Service Industries, Mitchell’s Farms, off Rs3 to Rs10.
Trading volume rose to 146.076m shares from the previous 117m shares as gainers forced a strong lead over the losers at 215 to 169, with 20 shares holding on to the last levels.
The active list was topped by Nishat Chunian, up 61 paisa at Rs20.14 on 15m shares followed by OGDC, higher by Rs3.34 at Rs111.37 on 9m shares, Fauji Fertiliser Bin Qasim, steady by 77 paisa at Rs26.15 also on 9m shares, D.G. Khan Cement, up Rs1.20 at Rs30.55, WorldCall Telecom, steady by 21 paisa at Rs3.83 on 7m shares, Arif Habib Securities lower 42 paisa at Rs48.67 on 7m shares and J.S.& Co, easy by 16 paisa at Rs30.51 on 6m shares.
Nishat Mills followed them, up Rs1.46 at Rs71.55 on 6m shares, PTCL, firm by 14 paisa at Rs17.67 on 5m shares and Bank Alfalah, steady by five paisa at Rs14.22 on 4m shares.
FUTURE CONTRACTS:
Both the settlements of OGDC came in for active short-covering and were quoted higher by Rs2.92 and Rs3.30 for January and December contracts respectively and so did Bank Alfalah at Rs14.18 and Rs14.31, fractionally higher by two and three paisa on 0.278m and 0.237m shares, while OGDC accounted for 0.709m and 0.203m shares.
But on the other Nishat Mills rose by Rs1.42 at Rs71.51 on 0.2230m shares.
DEFAULTER COMPANIES:
Japan Power again came in for active support and rose by 38 paisa at Rs2.54 on 0.1.470m shares followed by Genertech, steady nine paisa at Rs0.88 on 61,550 shares and Quice Foods, firm by 11 paisa at Rs1.06 on 22,500 shares.
No comments:
Post a Comment