Market watch: Stocks firm on foreign buying
The Karachi Stock Exchange benchmark 100-share index ended 0.3 per cent or 33.41 points higher at 11,440.07.
Net foreign inflow of $10.5 million on Friday provided the early positive impetus but the market showed resistance when it neared the psychological barrier of 11,500 points, said JS Global Capital analyst Ahmed Rauf.
Local investors kept trimming their positions in anticipation of a big correction as the index touches new highs, commented Topline Securities equity dealer Samar Iqbal.
Volumes dropped to 171 million shares compared with 202.07 million shares traded on Friday.
Banks led the rise in the index on the back of further foreign interest with MCB Bank, National Bank and United Bank closing 4.4 per cent, 1.2 per cent and 1.7 per cent up, respectively.
Power producers Nishat Power and Nishat Chunian Power Limited (NPL) remained in the limelight as the regulator approved tariffs for NPL.
Shares of 396 companies were traded on the first trading day of the week. At the end of the day, 175 stocks closed higher, 196 declined and 25 remained unchanged. The value of shares traded during the day was Rs5.41 billion.
Dewan Salman topped the volumes chart on the back of news that Bawany Sugar, a group unit, is being acquired. The scrip gained Rs0.54 to finish at Rs2.77 with 26.28 million shares traded.
It was followed by Lotte Pakistan PTA with 12.99 million shares losing Rs0.05 to close at Rs12.78 and Nishat Power Limited with 11.3 million shares firming Rs0.53 to close at Rs16.3.
Published in The Express Tribune, December 7th, 2010.
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