KARACHI: The stock market closed the week on a positive note with the benchmark index settling at fresh highs near 35,500.
This was the sixth consecutive positive close that added near 5% on institutional buying along with aggressive local participation while morning news about IMF’s rosy comments came as a sweetener.
At close on Friday, the benchmark Karachi Stock Exchange 100-share index stood at 35,456.35 points, recording a rise of 0.77% or 269.79 points.
“The day saw volatility and by halfway stocks did record a short-lived phase of profit-taking that was well countered by flows to recover the loss,” said Faisal Bilwani of Elixir Securities.
“Cement shares continued to test new highs with Lucky Cement up 3.3%, DG Khan Cement up 2.4% and Fauji Cement up 1.4% while banks also pitched in.
“The pattern of trading was not significantly different with small and mid-caps leading the volumes,” Bilwani said.
Meanwhile, Ahmed Saeed Khan of JS Global said although international oil traded as low as $56 per barrel, the exploration and production sector was marginally positive. Most of the shares in the sector closed slightly in the green with Byco hitting the upper price limit.
In sector-wise news, the auto sector remained mainly depressed as confusion prevailed over the demand for a complete ban on the import of used cars by the potential new entrants.
“Moving forward, we expect this bull-run to continue into next week; fertiliser and cement continue to be our preferred sectors,” Khan said.
Shares of 353 companies were traded on the last trading session of the week. Of these, 171 companies closed higher, 156 fell and 26 remained unchanged.
Trading volumes declined to 355 million compared to 405 million on Thursday.
K-Electric Limited was the volume leader with 30 million shares and remained steady at Rs8.34. It was followed by Jahangir Siddiqui and Company with 25.7 million shares, gaining Rs1.26 to close at Rs28.75 and Pakistan International Bulk Terminal with 19.1 million shares, gaining Rs0.25 to close at Rs38.60.
Foreign institutional investors were net buyers of Rs202.8 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, July 4th, 2015.
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