KARACHI: The stock market continued to tread uncharted territory, though gains were partially clipped by some routine profit-taking.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index showed an increase of 0.18% or 57.85 points to end at 32,148.78.
“The bullish tone of the market remained intact as political tension de-escalated after the government decided to resume talks with a major protesting political party from December 7,” said Ovais Ahsan of JS Global Capital.
“Cement companies continued their run on the back of healthy sales with Lucky Cement gaining 1.4%.”
The banking sector gained, led by United Bank Limited (+0.8%) and National Bank of Pakistan (+1.8%), as investors bought in the hope of year-end dividend payouts as well as mark-to-market gains from Pakistan Investment Bonds.
“The power sector also rose, led by Kot Addu Power Company (+1.6%), as interest in high dividend-paying plays remained strong in the wake of a declining interest rate scenario,” Ahsan said.
Trade volumes fell to 286 million shares compared to 378 million on Thursday.
Shares of 396 companies were traded. Of these, 173 companies declined, 195 closed higher while 28 remained unchanged. The value of shares traded during the day was Rs13.1 billion.
TRG Pakistan was the volume leader with 24.5 million shares, gaining Rs0.60 to close at Rs13.9. It was followed by the Bank of Punjab with 18.1 million shares, losing Rs0.09 to close at Rs9.05 and Silkbank with 14.5 million shares, gaining Rs0.25 to close at Rs2.39.
Foreign institutional investors were net sellers of Rs122 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 6th, 2014.
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