Pakistani stocks, o/n rates end lower; rupee weakens

Pakistani stocks ended lower on Thursday as investors sold shares of heavyweight Oil and Gas Development Co Ltd (OGDCL) after it reported lower-than-expected corporate earnings, dealers said.

OGDCL reported a net profit of 41.57 billion rupees ($457.87 million) for the first six months of the 2011/12 fiscal year, which was below market expectations.

Net profit last year for the same period was 31.6 billion rupees.

Turnover fell to 178.04 million shares, compared with 194.11 million shares traded on Wednesday.

“Disappointing results by OGDCL led to decline in share prices of all leading shares,” said Samar Iqbal, a dealer at Topline Securities.

KSE 100-share index gains 22 points

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.18 percent, or 22.22 points, to 12,517.90 points. Turnover reached 232.85 million shares, not much different from the 233.2 million traded on Friday.

Stocks ended slightly higher on Monday, led by middle-tier shares such as financial group Jahangir Siddiqui (JSCO) and textile company Azgard Nine (AZNL), on hopes of strong corporate profits due to be announced soon, dealers said.

Volume leader JSCO ended 10.63 percent higher at 10.41 rupees and AZNL rose 14.88 percent to close at 7.72 rupees.

“Mid-cap stocks remained in the limelight,” said a dealer at Topline Securities.

KSE gains 18 points on hopes of better earnings

The Karachi stock market closed in the green zone on the last trading day of the week Friday as speculations over upcoming corporate earnings announcements in blue chips triggered institutional buying.

The Karachi Stock Exchange (KSE) 100-share index gained 18.36 points or 0.15 percent to close at 12,231.60 points as compared to 12,213.24 points of the previous session.

The KSE 30-share index was up by 10.43 points to close at 11,415.20 points as compared with 11,404.77 points.

Pakistani stocks drop; rupee flat; o/n rates up

Pakistani stocks ended lower on Wednesday as investors chose to cash in after the market rallied to a more than six-month high for two consecutive days, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.17 percent or 21.37 points, at 12,263.25 points. The KSE-index closed at 12,284.62 points on Tuesday, its highest close since July 26, 2011.

Volume rose to 243.29 million shares, compared with 162.11 million traded on Tuesday.

“After gaining (a total) of around 3 percent in the last two trading sessions, investors opted to book profits, especially in oil and banking stocks,” said Samar Iqbal, a dealer at Topline Securities Ltd.

KSE index touches six-month high

The Karachi Stock Exchange’s (KSE) benchmark index closed at six month high at 12,136.92 points with an increase of 154 points, on Monday, on significant buying in leading energy and banking stocks, said dealers.

“Apparently, foreign buying helped the market sustain well above the 12,000 points coveted level,” said Imtiaz Gadar, Head of Research at KASB Securities.

The benchmark KSE 100-share index increased by 154.30 points, or 1.30 percent, to six month high of 12,136.92. This is the highest closing level since August 2, 2011.

At a point of trading, the index had surged by 229.69 points to intra-day high of 12,212.31.

KSE likely to consolidate around 12,000 points

The Karachi Stock Exchange (KSE) is expected to consolidate around 12,000 points threshold next week ahead of full-year financial results, particularly of banks and likely increase in foreign portfolio investment, dealers said on Saturday.

“Financial results would help the market maintain in the green territory next week,” said Furqan Punjani, an analyst at BMA Capital, adding that the market may consolidate around 12,000 points with an increase of 50-100 points.

At present, the leading benchmark of the KSE, the 100 index, is 17.38 points away from 12,000 points coveted level and standing at 11,982.62 points.

Pakistani stocks end almost flat; rupee weakens

The Karachi Stock Exchange (KSE) benchmark 100-share index closed down 0.07 percent, or 8.12 points, at 11,874.89 points.

Volume fell to 60.17 million shares, compared with 67.06 million traded on Monday.

“The market closed lower… amid thin trade due to limited institutional and foreign interest,” said Ahsan Mehanti, director at Arif Habib Corp.

Fauji Fertilizer Bin Qasim shed 0.56 per cent at 46.10 rupees, and Bank Alfalah fell 1.54 per cent to 12.17 rupees.

Financial services firm Jahangir Sidiqui rose 5.28 per cent to close at 5.58 rupees, while textile company Azgard Nine gained 7.59 per cent to end at 3.40 rupees.

KSE regains 76 pts on hopes of good earnings

The Karachi stock market managed to recover 76 points on the last trading day of the week Friday as expectations of strong corporate earnings next week triggered buying activity.

The Karachi Stock Exchange (KSE) 100-share index gained 76.30 points or 0.64 percent to close at 11,960.22 points as compared to 11,883.92 points of the previous session.

The KSE 30-share index was up by 107.59 points to close at 11,216.56 points as compared with 11,108.97 points.

Analysts said market closed in the positive zone supported by Oil and Gas Development Company (OGDC).

KSE index declines by 46 points on profit-booking

The Karachi Stock Exchange’s (KSE) benchmark index fell 46 points to below 12,000 points on profit-booking, mainly in fertiliser and energy stocks.

“Institutions opted to book profit in overbought stocks,” said Ahsan Mehanti, an analyst at Arif Habib Corporation, adding that the market had surged by about 1,000 points in the last few sessions.

The benchmark KSE 100-share index declined by 46.28 points, or 0.38 percent, to 11,991.38. The KSE 30-share index decreased by 39.98 points, or 0.36 percent, to 11,181.40.

Govt eases stock market tax rules to spur trade

Federal Finance Minister Dr Abdul Hafeez Shaikh says the government has decided to ease rules on capital gains tax to revive trading volumes hit by the imposition of the levy.

“We agree on proposals of the stock exchange to support activity and positive growth,” Shaikh said during his visit on Saturday to Karachi Stock Exchange (KSE). The decision applies from April 1.

KSE suggested that existing two tax bands be cut to a single flat rate, and that levy be paid after it is calculated and certified by National Clearing Company of Pakistan Ltd.