Buying in cement averts big losses at KSE

Posted on 09.04.06 by StockPK Team @ 10:37 pm    

Buying in cement and some notable scrips averted big losses at the Karachi stock market on Monday as the KSE 100-share index lost 45.97 points, but maintained 10,100 level amid slightly increased turnover of 180.229 million shares.

The market capitalisation fell by Rs13 billion to Rs2.835 trillion. It is pertinent to mention here that the newly introduced KSE 30-index fell by more points (72.88 points) as compared with the 100-index, pointed out an analyst, adding that 30-index was not depicting true trading picture, but showing weightage of some monopolised scrips that were misguiding true investors. The 30-index was showing big ups and downs as compared to the earlier working indices at the KSE, he added.

The week opening session at the Karachi stock market remained in the positive zone during the first half of the session. At one stage, index tested above 10,200 level to 10,219.72 points intra-day high. However, selling in the energy sector triggered profit-booking in the related scrips where notable banking scrips were also closed in the negative column. The 100-index at no level fell below 10,100 level during the session and remained limited to 10,123.18 in reverse gear.

Almost all the cement scrips closed in the positive column as good corporate results are expected to be announced by the cement manufacturing companies shortly. Banking and telecom sectors posted mixed trends on board.

Hasnain Asghar Ali of Aziz Fidahusein said that the main banking stocks led the show followed by the oil and gas exploration stocks. The rally, however, failed to inspire the sideliners. Low turnover and uncertainties on both internal and external fronts in fact invited offloading on strength, he added.

A brokerage house report added that despite an overall lackluster session, cement scrips emerged as a triumphant as their full year financials are on the anvil. Lucky Cement, DG Khan Cement, Fauji Cement and Maple Leaf Cement depicted 4.6 per cent, 1.4 per cent, 3.6 per cenet and 3.7 per cent respective increments.

Healthy activity was witnessed in Bank Alfalah on higher earnings expectations with the scrip gaining 95 paisa. NBP also performed exceptionally well, closing 1.1 per cent higher. On the other hand, MCB and BoP posted declines.

Energy scrips remained under the selling pressure with OGDCL and PPL depicting 1.5 per cent and 0.8 per cent declines while POL posted marginal increment. The broader market was somewhat evenly balanced as 114 scrips advanced, 147 declined and the value of 26 scrips remained intact.

National Bank was the day volume leader with 23.385 million shares. The scrip registered an increase of Rs2.50 at Rs228.50. DG Khan Cement enhanced by Rs1.30 at Rs95.25 with 21.602 million shares.

Oil and Gas Development Company declined by Rs2 at Rs129.25 with 12.936 million shares. Pak Oilfields surged by 10 paisa at Rs347.10 with 10.768 million shares.

WorldCall Telecom rose by 65 paisa at Rs11.15 with 10.642 million shares. MCB Bank shed Rs2.05 at Rs222.25 with 8.467 million shares.

Fauji Cement surged by 75 paisa at Rs21.50 with 8.415 million shares. Lucky Cement soared by Rs4.55 at Rs103.50 with 8.118 million shares.

Pak Petroleum off Rs2 at Rs241.30 with 8.071 million shares. Bank Al-Falah up by 95 paisa at Rs39.80 with 5.454 million shares.

Forward counter: NBP led the list of actives on this counter, firmed by Rs3 at Rs230.50 on four million shares followed by DGKC which rose by Rs1.70 at Rs96.10 on three million shares, POL surged by Rs2.55 at Rs350.45 on three million shares, Lucky Cement enhanced by Rs4.05 at Rs103.90 on two million shares, BAFL increased by 80 paisa at Rs40.20 on two million shares

Source: The News