
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.59% or 135.03 points to end at 23,172.35 point level. Trade volumes climbed to 206 million shares compared with Friday’s tally of 125 million shares.

The value of shares traded during the day was Rs11.13 billion.
“The week started off positively for the KSE, as the index touched an intraday high of 23,389 points. However profit-taking in the later session pulled the market down to settle for a gain of 135 points,” reported Fahad Ali, analyst at JS Global Capital.
Energy and the oil and gas sector remained under pressure as investors preferred to switch positions to the banking and fertiliser sectors.
“Elimination of (power) subsidies and anticipated reshuffling of policies at the central bank to qualify for the International Monetary Fund loan rejuvenated expectations of interest rate hike pushed the financial sector to close up,” said Harris Batla, analyst at Elixir Securities.

Moreover, Engro Corporation remained consistent and touched its upper price limit yet again. The stock has gained 50% in the last 11 trading sessions over additional gas supply to its old plant.
Pakistan International Airlines was the volume leader with 32.83 million shares losing Rs0.81 to finish at Rs9.06. It was followed by Bank of Punjab with 11.67 million shares gaining Rs0.64 to close at Rs13.81 and Pakistan Telecommunication Company with 10.92 million shares falling Rs0.01 to close at Rs24.83.
Foreign institutional investors were net buyers of Rs172 million, according to data maintained by the National Clearing Company of Pakistan.
Published in The Express Tribune, July 16th, 2013.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ