The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 1.27 per cent or 149.84 points to end at 11,957.3 point level on the last trading session of the week.
The bourse will be closed for five days from today (Saturday) till Wednesday due to Eid and Iqbal Day holidays.
Equities drifted higher ahead of the long weekend on buying in oil stocks, said Elixir Securities equity dealer Faisal Bilwani.
Index heavyweight Oil and Gas Development Company led the charge by gaining 2.5% and adding 65 points to benchmark index’s 150 point gain, added Bilwani. The scrip gained on rumours of discovery.
Trade volumes as expected fell 8% to paltry level of 56 million shares as daily jobbers packed their bags and left earlier than schedule for the holiday break, a trend seen over the years.
In anticipation of a quick fix to the energy debt, Pakistan State Oil jumped 4.7% to Rs 260.94 also remained very strong trading high volumes closing near upper lock.
Engro Corporation continued its upward ride mainly on local institutional buying.
Foreign institutional investors were net buyers of Rs10 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 336 companies were traded on Friday. At the end of the day 151 stocks closed higher, 82 declined while 103 remained unchanged. The value of shares traded during the day was Rs3.5 billion.
Engro Corporation was the volume leader with 4.66 million shares gaining Rs5.66 to finish at Rs135.84. It was followed by Jahangir Siddiqui and Company with 4.3 million shares firming Rs0.25 to close at Rs6.08 and Fatima Fertilizer with 4.17 million shares surging Rs0.2 to close at Rs24.17.
Published in The Express Tribune, November 5th, 2011.
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