Telecard Limited was the volume leader with 28.2 million shares gaining Rs0.61 to finish at Rs6.3.
KARACHI: The stock market started on a subdued note on Monday amid low volumes, ending slightly higher at the end of a volatile day.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.19% or 44.36 points to end at 23,639.97 points.
“Today marked a subdued start to the week, marred by volatility and thin volumes (lowest KSE100 turnover in US Dollars since April this year). Banking giants National Bank (NBP PA +2.6%), United Bank (UBL PA +1.4%) and MCB Bank (MCB PA +2.3%) occupied the leader-board, closing at gains backed by local interest. Textiles saw heightened investor activity with export numbers clocking in at 7.24% higher along with promising expectations from the upcoming earning announcements that helped Nishat Mills (NML PA +0.7%) close higher,” said Fareesa Baig of Elixir Securities.
“Pakistan Telecom PTC PA -0.3% witnessed profit booking at recent highs, while oil names to the likes of Pakistan State Oil PSO PA -0.3%, Pakistan Oilfields POL PA -0.5% remained laggard due to eased global oil prices,” Baig added.
“The banking sector continued to push the index into the black though trading remained lackluster for most of the day,” said Adeel Jafri of JS Global.
“A mixed trend was witnessed in the cement sector as participants awaited a price hike after outstanding issues were resolved amongst the major players. Independent Power Producers gained as investors turned to defensive plays citing rupee devaluation and a mixed trend in the overall market,” Jafri added.
Trade volumes fell to 150 million shares compared with Friday’s tally of 275 million shares.
Shares of 371 companies were traded on Monday. At the end of the day 171 stocks closed higher, 156 declined while 44 remained unchanged. The value of shares traded during the day was Rs4.3 billion.
Telecard Limited was the volume leader with 28.2 million shares gaining Rs0.61 to finish at Rs6.3. It was followed by WorldCall Telecom with 10.5 million shares losing Rs0.13 to close at Rs2.95 and National Bank with 9.3 million shares gaining Rs1.45 to close at Rs56.06.
Foreign institutional investors were net buyers of Rs10.9 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 24th, 2013.
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