KARACHI, March 17: Stocks were back on the rails on Thursday as investors resumed covering operations after some of the inhibiting factors, notably release of the US national by the court and the perception of resumption of normal political ties with the US, analysts said.
But it appeared to be a guarded welcome despite the fact that some of leading foreign investors were back in the market on selected counters owing to the end of tension between Pakistan and the US after the release of its national Raymond Davis arrested on murder charges, analyst Samar Iqbal said.
The benchmark recovered 63.70 points from the accumulated losses over the last couple of sessions at 11,856.27. Analyst Ahsan Mehanti hopes that the current tempo of recovery would be sustained in coming ses sions also on technical grounds.
The credit for putting the market back on the trek largely goes to some leading base shares under the lead of Pakistan Oilfields, Engro Corporation, National Bank, Fauji Fertiliser, Arif Habib Corporation and some others, which recouped a good part of the previous losses, he added.
Floor brokers said large volumes being recorded on the future market in some of the leading shares, notably Pakistan Oilfields, Engro Corporation, Fauji Fertiliser Bin Qasim and some others indicate that MTS funding is at work and would give needed depth to the market in due course.“The return of foreign investors at the current lower levels is around after the removal of one of the most pressing irritant”, they said, and added: “Oil, fertilis er and some leading banks are expected to lead the market advance.” Higher daily volumes above 100m shares, though are far below the normal figures in a rising market, indicate that the leverage funding facility may progressively changed future share outlook of the share business, they added.
Leading gainers were led by Unilever Pakistan and Unilever Foods, up by Rs92.50 and Rs52.76 followed by National Refinery, Pakistan Oilfields, Bhanero Textiles, and Indus Dyeing, up by Rs5.45 to 12.30.
Prominent losers included Nestle Pakistan and Rafhan Maize, off Rs145.83 and 42.67. They were followed by Shezan International, Fateh Textiles, Pakistan Tobacco and Sanofi Aventis, off by Rs4.92 to 7.24.
Traded volume rose to 117.023m shares from the previous 108m shares as gainers held a comfortable lead over the losers at 150 to 97, with 97 shares holding on to the last levels.
The active list was topped by Fatima Fertiliser, steady by 80 paisa at Rs13.10 on 11m shares followed by Lotte Pakistan, firm by 31 paisa at Rs15.50 on 10m shares, Nishat Chunian, steady by three paisa at Rs28.06 on 6m shares, Engro Corporation, sharply higher by Rs5.23 at Rs199.11 also on 6m shares, Dewan Salman, firm by 13 paisa at Rs2.79 on 6m shares, Nishat Power, up 86 paisa at Rs17.48 also on 6m shares, and Arif Habib Corporation, higher by Rs1.06 at Rs25.02 on 5m shares.
Other actives were led by Pace Pakistan, up 37 paisa at Rs3.20 on 5m shares, National Bank, higher by 75 paisa at Rs78.97 on 5m shares and Pakistan Oilfields, sharply higher by Rs8.76 at Rs322.40 on 4m shares.
FUTURE CONTRACTS: Engro Corporation came in for renewed speculative support and was quoted further higher by Rs4.91 at Rs199.37 on 2.010m shares followed by Pakistan Oilfields, sharply higher by Rs8.40 at Rs323.20 on 1.848m shares, and National Bank, March B, up 55 paisa at Rs58.04 on 0.820m shares.
They were followed by Fauji Fertiliser Bin Qasim, up 50 paisa at Rs39.64 on 0.471m shares and Fauji Fertiliser, higher by 30 paisa at Rs130.29 on 0.357m shares.
DEFAULTER COS: Active trading was witnessed on this counter as some of the investors covered positions in Japan Power, up five paisa at Rs1.41 on 60,202 shares and Hajra Textiles, lower by the same amount at 0.50 on 38,513 shares.
Gauhar Engineering remained under pressure and was marked down by 45 paisa at Rs1.05 on 27,500 shares followed by Redco Textiles, lower five paisa at 0.56 on 20,000 shares.
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