Despite starting off the day on a sluggish note, the stock market steadily gained momentum and ended the trading session in the black.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended Thursday’s trading with a rise of 0.66% or 223.41 points at 33,942.27.
JS Global analyst Muhammad Mobeen said the market remained bullish as the cement sector recovered from its recent profit-taking phase with leading stocks recording an increase.
“Within the banking sector, NBP rose 2.5% on expectations of healthy year-end results. In the pharma sector, profit-takers dominated the day as Searl (-3.9%), Feroz (-1%) and Glaxo (-1.3%) ended in the red.”
Trade volumes rose to 240 million shares compared to 164 million yesterday.
Shares of 370 companies were traded. Of these, 121 declined, 230 closed higher and 19 remained unchanged. The value of shares traded during the day was Rs12.6 billion.
Pakistan International Airlines was the volume leader with 24 million shares, gaining Rs0.94 to close at Rs10.25. It was followed by Pak Elektron with 22.5 million shares, gaining Rs2.73 to close at Rs59.70 and Jahangir Siddiqui and Company with 17.1 million shares, gaining Rs1.02 to close at Rs21.46.
Foreign institutional investors were net sellers of Rs63 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
