Index maintains upward drive
KARACHI — Karachi stocks yesterday remained in bullish frame of mind yesterday on renewed buying prompted by positive developments on the road to democracy and civilian rule. The KSE 100-share index finished with an extended gain of 79.00 points at 13,963.59.
But much of the buying interest remained confined to the cement sector on reports of increase in retail selling price by over Rs8 per bag and oil shares amid hopes of an official increase in petroleum prices during the next couple of weeks in sympathy with the world price hike.
The smooth transition from the military to civilian rule after the oath taking of the president for the second term and change of the command in the armed forces,analysts said could lead to full transfer of power to the civilian government after the election on Jan 8, 2008.
Although the volume figure has shown sharp rise during the last two sessions, reflecting the expanded buying interest, some leading investors are still in two minds about the future political developments and are playing safe.
The KSE 100-share index did maintain its creeping upward drive but instances of a massive rise associated with such events in normal political conditions was lacking.
In similar positive developments it had risen more than 400 points in a single session for many times but it ended with an extended gain of only 78.66 points at 13,963.59.The 30-share index was up by 32.44 points at 16,684.08.
“Some of the political irritants,notably opposition's demand for the restoration of pre- November 3, conditions and threat of election boycott are still there, which brokers said did not allow allout covering purchases at the current lower levels and an oversold market.
Plus signs again dominated the list under the lead of Unilever Pak Foods, and Wyeth Pakistan, up by Rs63 and Rs90, while Nestle Pakistan and EFU Life were leading among the losers, off by Rs10 and Rs11.
Trading volume was maintained on the higher side at 310m shares as compared with 326 million shares a day earlier as gainers held a strong lead over the losers at 225 to 151, with 34 shares holding on to the last levels.Lucky Cement topped the list of actives, up Rs2.50 at Rs122.25 on 20 million shares,followed by D.G.Khan Cement, higher by Rs4.55 at Rs97.30 also on 20 million shares, Arif Habib Securities,easy 10 paisa at Rs168.35 on 18 million shares, Pakistan Oilfields, higher by Rs2.90 at Rs352.40 on16 million shares,OGDEC, lower 40 paisa at Rs120.85 on 15 million shares, Attock Refinery, sharply higher by Rs6.70 at Rs262.90 on 11 million shares and National Bank, off Rs2.20 at Rs243.10 on 9 million shares.