At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.44% or 115.08 points. PHOTO: ONLINE/FILE
The tussle between the bulls and bears continued over 26,500 levels for another day as the benchmark index traded both columns.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.44% or 115.08 points to end at 26,488.32.
“Opening in the red on low volumes, the KSE-100 made a low of 26,270 points but went on to close green,” said Harris Ahmed Batla of Elixir Securities.
“Textiles played a vital role to change of sentiments led by Nishat Mills Limited (PA +1.2%) and Nishat Chunian Limited (PA +0.8%), while cements traded red as investors opted to book profits before the weekend.”
Meanwhile, Fahad Ali of JS Global Capital said mixed sentiments were observed across the board from investors as they are likely to take new positions after the mid-week holiday next week scheduled on Tuesday.
Volumes remained relatively low, where Lafarge Pakistan led the board with a total volume of 22 million shares, posting an increase of 29% within five trading sessions.
“News of divestment in Oil and Gas Development Company, Pakistan Petroleum Limited, Habib Bank Limited, United Bank Limited and Allied Bank Limited approved by the privatisation board of directors kept the activity alive and investor interest in the above mentioned stocks,” said Ali.
Trade volumes fell to 229 million shares compared with Thursday’s tally of 427 million.
Shares of 385 companies were traded on the last trading session of the week. At the end of the day, 196 stocks closed higher, 166 declined while 23 remained unchanged. The value of shares traded during the day was Rs7.7 billion.
Lafarge Pakistan was the volume leader with 21.6 million shares, gaining Rs0.73 to finish at Rs10.91. It was followed by Pakistan International Airlines with 11.1 million shares, losing Rs0.17 to close at Rs9.80 and the Bank of Punjab with 9.6 million shares, losing Rs0.01 to close at Rs11.31.
Foreign institutional investors were net buyers of Rs365 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 11th, 2014.
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