KARACHI: The index closed a shortened week in the red with profit-taking at record levels dragging it down on Friday.
The sea-saw ride saw the index open positive before profit-takers took advantage with the cycle repeating a few times.
Selling in small and mid-caps meant the Karachi Stock Exchange (KSE)-100 index was unable to sustain its high level for too long as two days of ending in the red brought it close to 35,800.
With the monetary policy statement due on Saturday, investors took advantage of record levels for some profit-taking. Investors tracked global crude prices, which dragged the index-heavy oil stocks down.
At close on Friday, the benchmark KSE-100 index stood at 35,815.20, falling 0.33 % or 119.79 points.
“Index names witnessed very selective interest and minimal institutional participation ahead of Monetary Policy Statement,” said Faisal Bilwani of Elixir Securities.
“Profit-taking at record levels and foreign selling in index names have so far failed to discourage retail investors that are driving small and mid-caps, however, given the jittery nature, we may see sharp moves in days ahead and strongly advise against exposure in speculative penny plays.
“Wider market on Monday will be guided by central bank’s decision on discount rate with any surprise to bring yield plays back in limelight and open entry opportunities in lagging financials,” he concluded.
Shares of 387 companies were traded on the last trading session of the week. Of these, 188 companies closed higher, 178 fell and 21 remained unchanged.
Trading volumes increased to 783 million compared to 575 million on Thursday.
Silk Bank was the volume leader with 99 million shares, losing Rs0.24 to close at Rs0.38. It was followed by Telecard Limited with 67.4 million shares, gaining Rs0.35 to close at Rs5.79 and Lotte Chemical with 29.1 million shares, gaining Rs0.47 to close at Rs8.91.
Foreign institutional investors were net buyers of Rs27 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, July 25th, 2015.
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