Kuwait stock exhange gains on CSF payment, regional bulls

Pakistan's Karachi Stock Exchange (KSE) bucked a three-day bearish trend on Wednesday as Washington made the much-needed payment to Pakistan under Coalition Support Fund (CSF) while bullish sentiments in regional markets following strong Chinese data also helped improve the sentiments. The benchmark KSE 100-Index jumped 1.66 percent, or 436.86 points, to 26,677.27 points Wednesday, as against 26,240.41 points reported Tuesday. The KSE All Share Index surged 1.52 percent or 298.25 points to 19,869.56 points, the KSE 30-Index gained 1.86 percent or 353.14 points to 19,314.93 points, whilst the KMI 30-Index augmented 1.57 percent or 681.97 points to 44,121.83 points. During Wednesday's trading session, the key index hit an intraday high of 26,708.30 points and an intraday low of 26,239.73 points. Positivity was seen throughout the regional equity markets after China posted robust trade data for January 2014. Coupled with payment of CSF from the United States, this boosted mood on the local bourse. Participation also remained strong as investors were seen taking keen interest in index heavyweights like Oil and Gas Development Company, MCB Bank, Engro Corporation, Engro Fertilizers and Engro Foods. Moreover, with news flow suggesting that margins of Oil Marketing Companies (OMCs) are on the agenda for Thursday's meeting of Economic Coordination Committee, interest was seen in Pakistan State Oil which gained 4.2 percent to close at 353 rupees with volume of 2.9 million shares. Market volumes rose by 61.407 million shares to 284.366 million shares, turnover expanded by 4.38 billion rupees (41.76 million U. S. dollars) to 10.56 billion rupees (100.59 million U.S. dollars), and capitalization jumped by 97.12 billion rupees (924.91 million U.S. dollars) to 6.48 trillion rupees (61.71 billion U.S. dollars). Among 406 active scrips Wednesday, prices of 295 issues advanced, 96 declined, while 15 other companies remained flat. BankIslami Pakistan, Faysal Bank, and Jahangir Siddiqui Company Limited were mostly heavily traded with turnover of 30.56 million shares, 25.44 million shares, and 21.69 million shares, respectively. Rafhan Maize led gainers by rising 334.16 rupees (3.18 U.S. dollars) to 7,017.41 rupees (66.83 U.S. dollars), while Nestle Pakistan was the top loser with its price down 262.36 rupees (2.49 U.S. dollars) to 9,920.14 rupees (94.47 U.S. dollars).