At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.24% or 73.36 points to end at 30,098.49.
Elixir Securities analyst Faisal Bilwani said stocks opened positive as oils rebounded, however, a string of earnings announcements that were below estimates and late selling by institutions pulled benchmark to close with trimmed gains.
“Pakistan State Oil (PSO PA +5%) hit the upper lock after being out of favour in recent days on hopes of change in regulatory framework that would help margins,” he said. “Pakistan Petroleum (PPL PA +1.7%) also gained after announcing first-quarter earnings that were better than estimates. Indus Motors (INDU PA -5%) hit its lower price limit and brought negativity to the auto sector after a disappointing first quarter.”
Bilwani added that index names and value plays are expected to remain in the limelight and cover some of the recent losses in the coming days, while illiquid stocks may correct further with earnings guiding sector and stock-specific direction in the wider market.
Trade volumes remained at 191 million shares compared to Thursday’s tally.
Shares of 388 companies were traded on Friday. Of these, 198 companies declined, 168 closed higher while 22 remained unchanged. The value of shares traded during the day was Rs9.97 billion.
K-Electric Limited was the volume leader with 23.2 million shares, gaining Rs0.05 to close at Rs7.85. It was followed by the Fauji Cement with 10.6 million shares, gaining Rs0.50 to close at Rs22.10 and Lalpir Power with 7.5 million shares, gaining Rs0.29 to close at Rs21.59.
Foreign institutional investors were net sellers of Rs401.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 25th, 2014.
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