KARACHI: Stock market rose, in line with global markets, in a dull session on Friday as investors preferred to stay on the sidelines ahead of the weekend.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.45 per cent or 51.24 points to end at 11,353.46 point level.
Activity remained low on the back of rising macro economic concerns, drying foreign inflows and growing tension in US-Pak ties, said Elixir Securities equity dealer Sibtain Mustafa.
Trade volumes fell to paltry level of 46.7 million shares compared with Thursday’s tally of 75.7 million shares.
Volumes are expected to
remain on the lower side ahead of two key events namely monetary policy and capital gains tax as individual investors finalise their returns.
Oil stocks Pakistan Petroleum Limited and Oil and Gas Development Company traded low volumes despite trading spot, reflecting lack of investor interest, added Mustafa
Foreign institutional investors were net sellers of Rs41 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Pakistan Refinery’s stock price rose Rs2.55 to close at Rs67.74 after the company announced a profit of Rs223 million in financial year 2011 compared with a loss of Rs2.97 billion in the same period last year.
FBL was the volume leader with 5.6 million shares on the back of better than expected earnings and handsome payout in third quarter of 2011. The company’s scrip rose Rs0.69 to close at Rs53.44.
It was followed by Lotte Pakistan PTA with 4.43 million shares firming Rs0.07 to close at Rs12.87 and Nishat Mills with 3.09 million shares increasing Rs0.47 to close at Rs47.43.
Shares of 343 companies were traded on the last trading session of the week. At the end of the day 151 stocks closed higher, 104 declined while 88 remained unchanged. The value of shares traded during the day was Rs1.78 billion.
Published in The Express Tribune, September 17th, 2011.
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