Karachi Stocks Up 51.80 Points:
KARACHI, Feb 22: At close of trading, the KSE-100 index was at 12596.25, up 51.80 points.
February 22, 2012
Bulls further add 59 points to KSE
KARACHI: Local equities at Karachi Stock Exchange (KSE) ended higher on Wednesday, led by a rally in banking shares, as investor sentiment rose on hopes of strong corporate results.
The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.47 percent, or 59.22 points, to 12,603.67 points.
Turnover fell to 194.11 million shares, from a 22-month high made the previous day as 322.47 million shares were traded.
"The focus of investors has shifted towards banks and mostly the smaller ones because of expectations of healthy corporate earnings," said a stock dealer.
Soneri Bank gained 20.49 percent at 5.88 rupees while Bank Alfalah closed up 2.75 percent at 13.82rupees. (Reuters)
KSE Index crosses 12,600-barrier on higher payoutsKARACHI, Feb 22: The stock market on Wednesday maintained its creeping rally for the fourth week in a row as anticipatory buying ahead of reports of higher payouts did not allow investors to keep to the sidelines and to miss the rising bandwagon.
Floor brokers said a galore of higher payouts and bonus shares by some of the leading companies notably by Bank Al-Habib, cash 25 per cent bonus shares at 15 per cent, Wyeth Pakistan, cash 40 per cent, Service Industries, 100 per cent, United Bank, 60 per cent and 9.20 per cent right shares by the KESC were well-received by the investors and allowed the market to maintain a steady posture despite profit-selling on some of the blue chip counters.
And in the process, the benchmark index breached through the barrier of 12,600 points at 12,603.67, up 59.22 points signalling that its next target of 13,000 points now may not be that far off, some analysts said.
The figure of 13,000-point may be a great achievement in the prevailing conditions both on the financial and political front and credit goes to those who had performed a great feat, some floor brokers said.
But the question is being debated among the analysts and brokers whether or not it could match its previous all-time high record of 15,274 points by the end of the current year, they added.
“It is very rare in the trading history of the KSE that the benchmark has ever shown such a sustained run-up for weeks together,” said analyst Ahsan Mehanti “the daily rise was modest but the important thing was that it was confidently sustained”.He said the notable feature was that leading base shares were mostly neglected and some of their weaker links led the market advance under the lead of banking and cement shares on reports of higher earnings.
Analyst Samar Iqbal said that being in a highly oversold position, the market needs technical correction but it was delayed for the last couple of weeks for reasons beyond the statistical demand.
He said the strategy not to go beyond the undervalued sector seems to be sustaining force behind the run-up, which keeps the broader market untouched.
But after a sustained run-up on the blue chip counters, there was modest pruning, which allowed the losers to have a modest edge over the gainers at 143 to 28, with 75 shares holding onto the last levels, out of total 346 changes in a volume of 272m shares.
Leading gainers were led by Wyeth Pakistan and Mitchell’s Fruits, up by Rs8.85 and 5.69, while losers included Unilever Pakistan and Unilever Foods, off Rs48.80 and Rs40.00 respectively.
The active list was led by Bank Alfalah, steady by 43 paisa at Rs13.88 on 26m shares followed by JS & Co, off 49 paisa at Rs9.75 on 22m shares, Pace Pakistan, firm by 25 paisa at Rs2.16 on 19m shares, Bank of Punjab, lower 70 paisa at Rs8.40 on 18m shares, Soneri Bank, up Re1 at Rs5.88 on 15m shares, Askari Bank, higher by 52 paisa at Rs12.68 on 14m shares and D.G. Khan Cement, easy 57 paisa at Rs26.02 on 12m shares.
They were followed by TRG Pakistan, lower 26 paisa at Rs2.46 on 12m shares, Azgard Nine, easy 60 paisa at Rs7.11 on 11m shares and Fatima Fertiliser, steady by three paisa at Rs24.00 on 10m shares.
FUTURE CONTRACTS: Share values on this counter came in for stray profit-selling and ended lower under the lead of D.G. Khan Cement as its both settlements fell by 64 and 56 paisa at Rs26.01 and Rs26.35 respectively on 1.664 and 1.578m shares respectively.
Both contracts of National Bank rose by 21 paisa at Rs50.20 for the ruling March, while the matured February fell by 26 paisa at Rs49.69 on 1.419 and 1.375m shares respectively. Fauji Fertiliser Bin Qasim fell by Rs1.04 at Rs42.93 on 0.803m shares.
DEFAULTER COMPANIES: Dost Steels led the list of actives, lower by one paisa at Rs2.20 on 37,879 shares followed by Genertech Power, unchanged at Rs0.55 on 30,890 shares, Mukhtar Textiles, steady by five paisa at Rs0.48 on 34,534 shares and Kohinoor Industries, firm by four paisa at Rs1.11 on 16,193 shares.
Ø PTCL earns net profit of Rs2.84b
Ø Indus Motors profit surges 77pc to Rs2.47b