The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.27 per cent or 28.56 points higher at 10,437.58.
The trading session began on a positive note as the KSE-100 index soared to 10,473.46 points, recording a rise of 64.44 points during the session, however, once again profit-taking was seen at higher levels which squeezed the early gain by 41.62 points from the day’s high, said Crosby Securities analyst Ovais Iqbal.
Investors are also looking forward to the announcement of financial results, said Topline Securities equity dealer Samar Iqbal. Corporate results for the first quarter for fiscal year 2011 are scheduled to be announced in coming weeks.
The Supreme Court started hearing a case on Friday to look into reports that the government was considering withdrawing the notification for reinstatement of judges.
Trade volumes fell slightly but to a respectable level of 112.61 million shares against Thursday’s tally of 115.33 million. Major trading activity was witnessed in second and third-tier stocks.
Atlas Battery closed at its upper limit and MCB Bank crossed the Rs200 mark.
Foreign investors made net investments of $2.88 million during the day, according to data released by the National Clearing Company.
Shares of 383 companies were traded on the last trading day of the week. At the end of the day, 178 stocks closed higher, 181 declined and 24 remained unchanged. The value of shares traded during the day was Rs3.32 million.
Lotte Pakistan PTA was the volume leader with 24.19 million shares gaining Rs0.31 to finish at Rs9.65. It was followed by Pace (Pak) Limited with 13.51 million shares firming Rs0.26 to close at Rs3 and Nishat (Chunian) with 7.03 million shares gaining Rs0.92 to close at Rs19.19.
Published in The Express Tribune, October 16th, 2010.
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