KARACHI: Despite a sluggish day for the oil and gas sector, the index crossed the 30,000-point mark on the back of financials.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.28% or 84.74 points to end at 30,025.13.
Elixir Securities analyst Faisal Bilwani said equities traded mostly POSITIVE. “Cements churned volumes on expectations of lower consumer price index along with a stable currency outlook for a possible discount rate cut in the upcoming monetary policy,” said Bilwani. “Banks gained attention on earnings excitement and after the PIB bond auction reflected lower rates.
“The oil sector remained depressed but continued to hold as leading oil stocks trade at 7.3x forward Engro Fertilizers (EFERT) +1% led volumes and closed POSITIVE after announcing quarterly earnings that were broadly in line with expectations.
“We expect the MARKET to rally and test 31,500 on better macros, revival of foreign inflows and rate cut in coming months.”
Meanwhile, JS Global analyst Muhammad Mobeen said the automobile sector saw profit taking sliding southwards to reach its lower circuit
“In the textile sector, KTML generated investor interest after a promising EPS for 1QFY15 of Rs0.84 against Rs0.77 (1QFY14) depicting decent growth.”
Trade volumes rose to 191 million shares compared to Wednesday’s tally of 172 million.
Shares of 386 companies were traded on Thursday. Of these, 163 companies declined, 196 closed higher while 22 remained unchanged. The value of shares traded during the day was Rs8.6 billion.
Pak Elektron (R) was the volume leader with 18.7 million shares, gaining Rs0.63 to close at Rs7.77. It was followed by the Pak Elektron with 12 million shares, gaining Rs0.64 to close at Rs27.78 and Engro Fertilizer with 6.6 million shares, gaining Rs0.66 to close at Rs56.14.
Foreign institutional investors were net buyers of Rs40.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.