The trading in equities opened positive yesterday and continued to push the market to fresh highs with the benchmark index closing above 34,800 points.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index closed the day’s trading with an increase of 0.43% or 150.20 points at 34,826.51.
Oil marketing giant Pakistan State Oil (PSO +2.9%) continued to remain in the limelight on local institutional interest over government’s focus on resolving the circular debt issue. Cement shares, however, made an intra-day attempt to pull the index in the red as investors swapped positions with oil plays, he said. JS Global analyst Arhum Ghous was of the view that the market opened on a positive note and later juggled between the red and the green zone.
“Profit-taking was witnessed in the cement sector as Maple Leaf Cement (MLCF), Pioneer Cement Limited (PIOC) and Fauji Cement Company Limited (FCCL) closed down 1.7%, 2.4% and 2.6% respectively.”
“Pharma sector saw mixed sentiments as the bureau asked the government to review the drug pricing policy,” added Ghous.
Trade volumes rose to 344 million shares compared to 327 million on Monday.
Shares of 384 companies were traded. The value of shares traded during the day was Rs20 billion. Pakistan International Bulk Terminal was the volume leader with 34.7 million shares, gaining Rs1.91 to close at Rs40.14. It was followed by K-Electric Limited with 30 million shares, losing Rs0.23 to close at Rs8.53 and Power Cement Limited with 29.4 million shares, gaining Rs0.75 to close at Rs8.15.
Foreign institutional investors were net sellers of Rs357 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
he Karachi Stock Exchange (KSE) market remained in doldrums throughout the week as the market lost 1,236pts at the very first trading day. KSE-100 index closed on 33,039 by losing 491 points or -1.46%.
During the week, average daily volumes increased by 2% WoW to 191mn shares, while the average daily value declined by 9.5% WoW to Rs9.8bn (US$95.8mn). During the outgoing week, local mutual funds were major net sellers of US$29.5mn. While foreigners & locals banks were major net buyers of US$6.1mn and US$15.8mn respectively.