Market watch : Bourse continues to enter new territory

Benchmark 100-share index increases 72.05 points.

KARACHI: Breaking records has become somewhat of a norm for the Karachi Stock Exchange (KSE)-100 index and Thursday’s session was no different with the bourse entering new territory and ending the day at a record high. It also meant that the index closed positive for an eighth succession session.

However, profit-taking meant the index lost some of its shine towards the end of the session after nearing 36,500 intra-day.



At close on Thursday, the KSE-100 benchmark index finished with an increment of 72.05 points or 0.20% to end at 36,228.88.

The increase has come on the back of positive financial announcements, as several sectors saw increased momentum of stocks. Autos, oil marketing companies and pharmaceuticals remained in the limelight. A Topline Securities analyst said the improved political scenario and better result expectations kept Karachi market rallying.

“PSO rallied by 3% to close at Rs384.50 in anticipation of better earnings and handsome payout for June quarter,” said the analyst. “Engro witnessed profit taking after rallying in the last few trading sessions.”

Shares of 397 companies were traded on Thursday. Of these, 241 companies closed higher, 133 fell and 23 remained unchanged.

Trading volumes increased to 337 million shares compared to 336 million on Wednesday.



Silk Bank (R) was the volume leader with 26.3 million shares, gaining Rs0.24 to finish at Rs0.29. It was followed by K-Electric Limited with 25 million shares, gaining Rs0.18 to close at Rs8.25 and Pak Elektron Limited with 16.5 million shares, gaining Rs1.25 to close at Rs92.93.

Foreign institutional investors were net sellers of Rs281 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, August 7^th,  2015.

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