The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.53% or 155.23 points to end at 29,343.76.
Elixir Securities analyst Fareesa Baig said that equities witnessed a volatile day before closing positive mainly on gains in index heavy Oil and Gas Development (OGDC) +3.8% during the second trading session.
“Pakistan Petroleum Limited (PPL) book-building continued on its second day with the full deal size of 70.055 million shares now covered at an indicative strike price of Rs212.5 for 149.08 million shares,” said Baig.
“Overwhelming response for PPL -0.34% kept the stock in the limelight along with bringing investor interest in OGDC +3.8% and Pakistan Oil Fields (POL) +1.2%.”
“Lucky Cement +1.9% bounced back after declining by over 4.1% this week, however, United Bank Limited (UBL) -1.2%, National Bank (NBP) -1.3% along with Engro Corp (ENGRO) -2.7% closed in red over reported institutional selling.
“It is expected that the market will continue to trade positive on foreign inflows coupled with local excitement over the coming earnings season.”
Trade volumes fell to 146 million shares compared with Thursday’s tally of 149 million shares.
Shares of 333 companies were traded on Friday. At the end of the day, 147 stocks closed higher, 166 declined while 20 remained unchanged. The value of shares traded during the day was Rs7.87 billion.
Lafarge Pakistan Limited was the volume leader with 22 million shares, gaining 0.38 to finish at Rs16.19. It was followed by Ghani Automobie (R) with 11.7 million shares, gaining Rs0.88 to close at Rs1.30 and Bank of Punjab with 8.5 million shares, declining Rs0.02 to close at Rs8.93.
Foreign institutional investors were net buyers of Rs256 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 28th, 2014.
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"Foreign institutional investors were net buyers of Rs256 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited. "
Rs. 256 million is the TOTAL amount of foreign inflows. It includes foreign corporations, overseas Pakistanis, and foreign individuals.