KARACHI: The KSE-100 index extended its bullish streak on Friday and ended higher by 232 points following a volatile session.
However, many investors chose to stand on the sidelines because of the absence of positive triggers.
Earlier, trading began on a positive note but uncertainty soon took over, erasing early gains and resulted in the index oscillating between positive and negative territories. Surviving the volatility, the index managed to climb in the first half before some selling removed a few index points in the second half.
At the end of trading, the benchmark KSE 100-share Index recorded an increase of 232.12 points or 0.56% to settle at 41,660.75.
Arif Habib Limited, in its report, stated the stock market had a positive session throughout the day, without the hint of a red sign.
“(It) opened up 107 points with activity in bank and cement stocks. Lucky Cement and United Bank, despite being downgraded in the MSCI review, remained the favourites of investors,” the research house said.
“A notice to the exchange clarified that the major investor in Lucky Cement was Providus, which claimed 1 million shares post-MSCI exit.”
Nonetheless, there was selling pressure in steel, fertiliser and refinery sectors and mid-cap banks. Sector-wise performance showed that chemical companies performed quite well but Engro Polymer lacked lustre.
Stocks that contributed positively to the index included United Bank (+46 points), Pakistan Oilfields (+44 points) and Oil and Gas Development Company (+37 points).
Stocks that contributed negatively were Habib Bank (-23 points), Pakistan Petroleum (-17 points) and Searle (-12 points).
Overall, trading volumes decreased to 201.5 million shares compared with Thursday’s tally of 254.9 million. The value of shares traded during the day was Rs10.4 billion.
Shares of 371 companies were traded. At the end of the day, 173 stocks closed higher, 177 declined and 21 remained unchanged.
Lotte Chemical XD was the volume leader with 19.3 million shares, gaining Rs0.14 to close at Rs19.95. It was followed by Pakistan International Bulk Terminal with 13.7 million shares, gaining Rs0.06 to close at Rs12.75 and Siddiqsons Tin Plate with 13.5 million shares, losing Rs0.02 to close at Rs20.22.
Foreign institutional investors were net sellers of Rs1.4 billion worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.