KARACHI: The KSE-100 Index rose for a second consecutive session on Thursday amid a sharp plunge in rupee’s value against the dollar in intra-day trading in open and inter-bank markets.
The positive finish at the stock market came just before long Eid holidays as investors voiced hope that the rally would continue at the resumption of trading on Tuesday next week.
The day kicked off on a volatile note that pushed the index below 43,500 points for a brief period. However, cherry-picking by investors helped the market recover later which closed just below 43,700.
Heavyweight exploration and production, cement, automobile and chemical stocks rose which aided the advance in the benchmark index. On the other hand, financial and fertiliser stocks dropped with major names closing in the red.
At close, the benchmark KSE 100-share Index recorded an increase of 173.18 points or 0.40% to settle at 43,680.68.
JS Global analyst Danish Ladhani said Pakistan equities closed the week on a positive note and the KSE-100 Index settled at 43,681, hitting an intra-day high of +224 points and a low of -48 points.
“The market opened positive and traded sideways throughout the day, however, it gained some points towards the close in the wake of institutional interest,” Ladhani said.
The bourse will be closed from Friday to Monday for Eidul Fitr. Cement and energy stocks jacked up the index whereas financial stocks remained in the red.
Habib Bank (-1.25%), United Bank (-0.38%) and MCB Bank (-0.77%) were major laggards in the financial sector.
Major heavyweights Oil and Gas Development Company (+0.91%), Pakistan Petroleum (+1.81%), Engro (+1.43%), Pakistan Oilfields (+1.17%) and Hubco (+0.70%) cumulatively contributed +113 points.
Traded volumes improved slightly by 5% to 118 million shares while traded value increased to $53 million. Top volume stocks were The Bank of Punjab (+1.29%), Bank Alfalah (-0.16%) and TRG Pakistan (+2.20%).
Ladhani expected the market to remain volatile and choppy with flows from local and foreign institutions guiding direction.
Overall, trading volumes increased to 117.5 million shares compared with Wednesday’s tally of 111.9 million. The value of shares traded during the day was Rs6.5 billion.
Shares of 323 companies were traded. At the end of the day, 186 stocks closed higher, 120 declined while 17 remained unchanged.
The Bank of Punjab was the volume leader with 15.7 million shares, gaining Rs0.17 to close at Rs13.32. It was followed by Summit Bank with 5.1 million shares, losing Rs0.14 to close at Rs2.22 and Bank Alfalah with 5.04 million shares, losing Rs0.09 to close at Rs55.81.
Foreign institutional investors were net buyers of Rs146.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.