Market watch: KSE-100 overcomes early jitters to end 128 points higher

Benchmark index increases 0.3% to finish at 43,808.80

KARACHI: The KSE-100 Index regained positive momentum on Friday, ending the day positive after enduring selling pressure for most part of the session.

At close, the benchmark KSE 100-share Index recorded an increase of 128.93 points or 0.30% to finish at 43,808.80.

Market rumours suggested investors turned away from cement and oil and gas exploration companies to focus on building positions in heavyweight commercial banks.

Arif Habib Sales, in its report, said the KSE-100 closed in the green, despite trading negative for the better part of the day.



"Selling pressure was witnessed early in the session due to negative closing of world markets and continued correction in blue chip stocks," the report said. "Due to bearish signals from cement and E&P sectors, investors were seen building positions in large cap commercial banks.

"Sectors contributing to this performance include cement (-51pts), E&P (-9), commercial banks (+130pts) and chemical (+13pts).

"Scripts that contributed positively include MCB (+50pts), UBL (+42pts), HBL (+29pts), DAWH (+17pts) and COLG (+14pts). Stocks that contributed negatively include LUCK (-24pts), PPL (-12pts), ENGRO (-12pts), IGIIL (-10pts) and CHCC (-9pts)," the report added.



Overall, trading volumes fell to 225 million shares compared with Thursday's tally of 246 million.

Shares of 377 companies were traded. At the end of the day, 178 stocks closed higher, 179 declined while 20 remained unchanged. The value of shares traded during the day was Rs9.2 billion.

Azgard Nine was the volume leader with 19.7 million shares, gaining Rs1.00 to close at Rs18.88. It was followed by Aisha Steel Mill with 16.4 million shares, gaining Rs0.71 to close at Rs21.75 and Fauji Foods with 14.9 million shares, gaining Rs1.15 to close at Rs24.21.

Foreign institutional investors were net sellers of Rs168 million during the trading session, according to data compiled by the National Clearing Company of Pakistan.