KARACHI

Range bound activity was seen at the local bourse on Tuesday and the KSE 100-index rose by 47.16 points to close at 31953.90 points level.

In line with fall in international oil prices, local oil stocks also fell. POL declined by 5%, OGDC lost 2.3%. Cements stocks and banks rallied in expectation of better December earnings. Investors trimmed pharmaceutical stocks after news of drug policy. Stocks showed recovery led by banking, fertilizer and cement stocks on strong valuations. Investor interest remained in second and third tier stocks expected to benefit from falling energy prices, lower CPI inflation. Improved economic outlook and US Congress notification on $532m assistance for Pakistan energy sector and economic growth played a catalyst role in bullish activity at KSE, commented analyst Ahsan Mehanti. Bears dominated the market throughout the day but in the end the bulls came through to close the market 47 points in the green at 31,954 level supported with volume of over 211 million shares. The leaders were mostly the food sector; Muree Brewery (+5%), National Foods (+5%) and Engro Foods (+4%), while the laggards were the oil and pharmaceutical sectors. Major negative movers in both the sector were Searle (-5%, Abbot Laboratory (-4.1%), GlaxoSmithKilne (-3.7%), OGDCL (-2.2%), PPL (-1.7%) and MARRI (-3.3%). Oil sector was down on back of decline international oil prices whereas the pharmaceutical sector on the back of government’s decision to keep the drug prices at 2013 level till 2016. Nishat Mills +1.4% and Kohinoor Textile Mills +0.7% rallied as gas supply was resumed to Punjab based textile mills, stated Muhammad Mobeen at JS Global Capital.

Maple Leaf Cement with 20m shares and price per share 44.02 (0.51), BOP with 15.40m shares and price per share 11.09 (0.09), Bank Al-Falah with 10.18m shares and price per share 34.02 (0.67), Pak Elektron with 9.62m shares and price per share 39.63 (-0.86) and Engro Foods Ltd with 9.23m shares and per share price 110.15(4.97) were the volume leaders.

Muree Brewery with per share price 1050.00 (50.00), Pakistan Tobacco Co Ltd with per share price 1017.21 (48.43), Packages Limited with per share price 682.11 (32.11), Rafhan Maize with per share price 10684.19 (494.12) and Avaceon Limited with per share price 33.84 (1.56) were the top gainers.

The Searle Comp Ltd with per share price 240.29 (-12.64), Archroma Pakistan Ltd with per share price 571.58 (-28.93), Pakistan Oilfield Ltd with per share price 375.86 (-18.60), Abbot Laboratory (Pak) Ltd with per share price 705.40 (-29.95) and GlaxoSmithkline (Pak) with per share price 210.42 (-8.09) were the top losers. Volumes declined by 12% to 190m shares, while value increased by 30% to USD117m (value PKR11.7b). Total traded companies were 377 of which 190 were in showed positive trend, 155 decline while 32 went unchanged.