The index began the week on a positive note, However, stock remained range-bound with the rise mainly driven by foreign interest.
At close, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.08% or 26.18 points to end at 32,757.79.
Elixir Securities analyst Faisal Bilwani said the index pared its morning gains after testing 32,850 earlier in the trading session.
“Engro Corp (ENGRO, +4.6%), after gaining 11.5% in the last three days, continued to defy gravity as locals build positions fueled by excitement on profits,” said Bilwani.
“Cements witnessed profit taking with DG Khan Cement (DGKC, -2.5%) and Lucky Cement (LUCK, -1%) ending the day negative while fertilisers were marginally up as Fatima Fertilizer (FATIMA, +1.75%) led volumes in the sector.
“Oils remained out of favour and closed red barring Oil and Gas Development Corporation (OGDC, +0.3%) that ended flat, as benchmark Persian Gulf Light traded at levels last seen in April of 2009.
Meanwhile, the other star performer of the day was K-Electric +4.7% as the stock continued its performance with optimism derived from strong operational performance, new project initiations , and expectation of payouts to minority holders in the near future.
“Mari Petroleum +5.0% was also among the best performing stocks as the E&P company remained a speculator’s delight with not much public news backing its price action.”
