MCB, OGDC elevate KSE past 23,600 barrier

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MCB, OGDC elevate KSE past 23,600 barrier

By Jawad Hussain (Xinhua) 10:58, August 14, 2013

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Intensive buying in MCB Bank and Oil and Gas Development Company elevated equities at Pakistan's Karachi Stock Exchange (KSE) above the psychological 23,600 points while market participation remained closed to 300 million shares on Tuesday.

The benchmark KSE 100-Index gained 0.75 percent or 175.21 points to close at 23,613.20 points on Tuesday as against 23,437. 99 points recorded on Monday.

The KSE All Share Index increased by 0.9 percent or 151.20 points to end at 16,897.97, the KSE 30-Index surged by 0.65 percent or 118.91 points to conclude at 18,346.63 points, whereas the KMI 30-Index swelled by 0.14 percent or 58.15 points to finish at 40,864.32 points.

The Karachi Stock Exchange began the trading day on a bullish note where during the initial trade its key index went past 23,500 levels and continued the upsurge and hit the intraday highest level of 23,658.24 towards the end of the session before closing just a shade lower.

The bulk of the trade was witnessed in MCB Bank and Oil and Gas Development Company which lifted the main index by over 175 points. Renewed buying interest was also seen in Pakistan Petroleum Limited and Engro Corporation while some profit taking was witnessed in cement stocks.

The market volumes improved by 49.534 million shares to 299.059 million shares while the market capitalization moved up by 50.539 billion rupees (505.398 million U.S. dollars) to 5.810 trillion rupees (58.102 billion U.S. dollars) on Tuesday.

The Karachi bourse's trading value swelled by 1.372 billion rupees (13.728 million U.S. dollars) to 11.296 billion rupees (112. 960 million U.S. dollars) on Tuesday.

In broader market, a total of 388 companies changed hands during the course of trading on Tuesday where prices of 216 issues ended in green zone, 150 landed in bearish lap, whereas values of 22 other scrips stayed unchanged at previous day's levels.

Bank of Punjab was the top traded company of the day with trading of 31.544 million shares, followed by Fauji Cement and Jahangir Siddiqui Company Limited with turnovers of 19.426 million shares and 16.202 million shares, respectively.

Wyeth Pakistan Limited was the top price gainer of the day with increment of 116.77 rupees (1.16 U.S. dollars) per share to close at 2,452.25 rupees (24.52 U.S. dollars) while on the other hand Fazal Textile was the top price shedder of the day with decrement of 19 rupees (19 U.S. cents) a share to finish at 391 rupees (3.91 U.S. dollars).

（Editor：WangLili、Gao Yinan）