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OGDC helps KSE gain 40 points [The News] 09 Feb, 2010
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| |  | | OGDC helps KSE gain 40 points | | | | Tuesday, February 09, 2010
By By our correspondent
| KARACHI: The ongoing financial results announcement season and fundamental change in a couple of leading stocks invited extended buying on the Karachi bourse on Monday. The Oil & Gas Development Company played the leading role in achieving moderate gains in this session.
The KSE 100-share Index gained 40.25 points or 0.41 per cent and closed at 9,809.98 points. Its junior partner the 30-Index rose by 32.50 points or 0.32 per cent and concluded at 10,209.42 points.
Investors continued to give top priority to the index mover, the Oil and Gas Development Company, which alone included 31 points on the key benchmark 100-Index owing to increase in its wellhead price for Qadirpur field. This increase in its wellhead price would enhance its earning per share by Rs1.80-Rs2, according to a brokerage house.
Analysts opined that perhaps foreign investors were acquiring OGDC at higher prices in exchange of offloading some other stocks from their portfolios, as they were the net sellers of $72 thousand, according to NCCPL. Or locals were keen to build their portfolios with this oil and gas exploration giant scrip, they said.
Investors, however, ignored the fast declining oil prices in world markets that plummeted to $71 a barrel, which is bad for energy stocks, but good for the local economy, analysts added.
Moreover, with the news of the asset sale minister Waqar Ahmed Khan having said that Emirates Telecommunications Corporation has agreed to pay the pending $533 million for a stake in PTCL within a month, buying interest was witnessed in PTCL scrip. Soneri Bank, in an announcement at the local bourse, informed its investors that they intend to convey an Expression of Interest for acquiring RBS Pakistan. Soon after that, the banks stock hit its upper limit and ended five per cent ceiling from its Thursday close, said an analyst at JS Research.
Analyst at Topline Securities said that contrary to expectations, local bourse opened on a positive note ignoring the global sell off along with worsening law and order situation in city. Activity remained confined to tier two scrips. Pakistan Oilfields Limited (POL) posted highest gains among top 30 volume leaders ahead of corporate announcement due Tuesday.
Turnover fell approximately 39 per cent to 182.21 million shares from four month high of 297.64 million shares recorded in last working session. Turnover in future market also dropped to 3.02 million shares against 8.39 million shares traded on last Thursday. Market capitalisation surged by Rs11 billion to stand at Rs2,821 billion.
The local companies led the list of prominent buyers injected $1.19 million; Bank/DFIs $913 thousand, and investor under the category of Other Organizations invested $507 thousand. Non-banking finance companies, individuals and mutual funds disinvested $1.26 million, $930 thousand and $343 thousand, according to NCCPL.
Analyst at Aziz Fidahusein said that the local bourse after a weak opening soon gathered strength, as the index heavy weight with low turnover entered the green zone thus influencing the benchmark.
Turnover was led by below par and low priced stocks. Strategy of sell on strength was quite visible, he added. Out of total 400 active stocks, 190 stocks advanced, 186 stocks declined, while the value of remaining 24 stocks closed unchanged.
Highest volumes were witnessed in Lafarge Pakistan at 31.09 million closing at Rs4 with a loss of 62 paisa, followed by FAuji Cement at 8.33 million closing at Rs7.40 with a gain of 21 paisa, BYCO Petroleum at 7.57 million closing at Rs14.88 with a gain of 96 paisa, Lotte Pakistan at 7.55 million closing at Rs11.11 with a loss of 21 paisa, and WorldCall Telecom at 7.47 million closing at Rs4.40 with a loss of 23 paisa.
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