RECORDER REPORT

KARACHI: Stocks ended marginally higher ahead of announcement session Wednesday. The benchmark KSE-100 index gained 63.34 points to close at 30,465.43 points.

Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks closed higher in the earnings announcements session at KSE led by oil and fertiliser sector stocks on strong earnings outlook.

Renewed foreign interest, expectations for favourable announcements on revised GIDC levy in fertilizer sector, rising cement exports and higher international oil prices played a catalytic role in the bullish sentiment at KSE. Above expected earnings in banking and auto sector impacted the sentiment positively, he added.

During the intra-day trading, the index reached 30,617.37 points highest and 30,402.09 points lowest level. Despite a bullish trend, volume at the ready counter decreased to 131.080 million shares compared to 148.086 million shares Tuesday. Market capitalisation climbed by Rs 15 billion to Rs 7.136 trillion as against Rs 7.121 trillion a day earlier.

Trading took place in 326 companies, of which 139 closed in green zone, 169 in red while 18 landed in blue zone.

Fahad M Ali, an analyst at JS Global, said KSE-100 Index remained bullish, up by 0.2 percent. Cement sector attracted major investor interest with LPCL and FCCL amongst the volume leaders for the day. LPCL remained volatile as investors remained uncertain following the rumours regarding its bid price.

On the other hand, CHCC continued its northwards journey to hit its upper circuit on Wednesday, he said and added that “we expect the market to remain bullish as we enter the result season. Investors should accumulate fundamentally strong cements and banks.”

Among top 10 volume leaders, 6 companies recorded positive trend. Fauji Cement emerged the volume leader with 10.37 million shares, down Re 0.1 to close at Rs 20.95. Lafarge Pak stood second, down Re 0.23 to close at Rs 16.52 on 8.06 million shares. Maple Leaf Cement lost Re 0.11 to close at Rs 33.38 on 7.05 million shares.

Askari Bank posted a positive trend and moved up by Re 0.72 to close at Rs 22.04 on 6.61 million shares. Pak Int Bulk with 6.52 million shares, closed at Rs 25.35, up Rs 1.2. Adamjee Ins surged by Re 0.30 to close at Rs 50.41 on 5.83 million shares. P.T.C.L. gained Re 0.03 to close at Rs 27 on 5.64 million shares.

B.O.Punjab moved up by Re 0.06 to close at Rs 9.18 on 4.71 million shares. With a trading volume of 4.67 million shares, Engro Fertilize Ltd closed at Rs 55.48, up Re 0.5. National Bank recorded a negative trend, down Re 0.47 to close at Rs 61.04 on 3.91 million shares.

Bata (Pak) and Shezan Inter were the top gainers with Rs 167.40 and Rs 42.53 to close at Rs 3,515.40 and Rs 1,011.90, respectively, while Wyeth Pak Ltd and Nestle Pak were the top losers with Rs 167.61 and Rs 25.00 to close at Rs 3,765.85 and Rs 7,825.00, respectively. Rabab Khan, analyst at Aba Ali Habib Securities, said the local bourse observed an increment of 63.43 points yesterday with reasonable volumes. As the market has breached the psychological barrier of 30,000 points, consolidation at these levels will explore new direction for the market.

On sector front, construction and materials topped the volume chart by 34 percent followed by commercial banks with 22 percent and chemicals with 14 percent, respectively, she added.