Benchmark KSE-100 index rises 33.02 points, ends at 33,954.98. FILE PHOTO
However, the rally was not enough to take the benchmark-100 index past the 34,000-point barrier.
At close on Friday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.10% or 33.02 points to end at 33,954.98.
Elixir Securities, in its report, said that despite the surge in regional equities on ever-decreasing possibility of rate hike by US Federal Reserves this year, the local market failed to mirror the performance.
“Activity in the wider market remained dull and index names witnessed very selective participation due to the start of Muharram. However, sector-specific interest was witnessed in Pharmaceuticals and select Exploration and Production (E&Ps) on earnings excitement.
“We see volatile trading with index testing 34,500 in days ahead as smart money flows in,” they said.
Meanwhile, JS Global analyst Saeed Ahmad Khan said SEARL continued its rally towards north after the company announced its quarterly financial result of EPS Rs5.94 (90% growth YoY basis).
“In the oil sector, Oil and Development Company (OGDC +2.5%) announced its quarterly financial result of EPS Rs4.25 and DPS Rs1.5 in line with market expectations. Pakistan Oilfields Limited (POL +2.4%) announced its quarterly financial result of EPS Rs5.95 against EPS Rs17.62 last year due to a major hit in the revenues caused by tanking international oil prices.
“Askari Bank Limited Pakistan (AKBL -0.13%) announced its quarterly result of EPS Rs0.82 in line with expectations,” he noted.
Trade volumes fell to 132 million compared with Thursday’s 145 million shares.
Shares of 378 companies were traded on Friday. At the end of the day, 184 stocks closed higher, 169 declined while 25 remained unchanged. The value of shares traded during the day was Rs7.5 billion.
Jahangir Siddiqui and Company was the volume leader with 10.4 million shares, gaining 0.77 to finish at Rs20.65. It was followed by TRG Pakistan Limited with 10.06 million shares, losing Rs0.45 to close at Rs36.98 and Byco Petroleum with 7.36 million shares, gaining Rs0.14 to close at Rs27.95.
Foreign institutional investors were net sellers of Rs513 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 17th, 2015.
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