Index gains 31.4 points

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A mixed trend was witnessed on Karachi Stock Market throughout the trading hours on Friday and the benchmark KSE-100 index closed on a positive note at the end. It succeeded to gain 31.4 points after some correction, and closed again at an all-time-high level of 17,797.22 points from 17,765.82 points on a day earlier. "Pakistan Stocks closed higher led by selected blue-chip stocks across the board on strong valuations. Index remained range bound amid consolidation after earning announcements," said Ahsan Mehnati an analyst at Arif Habib Corp. He said telecom stocks led the major activity on expectations for improved LDI segment revenue. Higher global commodities, renewed foreign interest in oil stocks, hopes for easing circular debt concerns after the Ministry of Finance releases funds for ailing power sector and easing political concerns played a catalyst role in bullish close at KSE, he added.

On the last day of the week, Karachi Share Market opened in green zone but witnessed negative trend in the first session. Later, KSE-100 index gained 31.4 points during the second trading-session and it has also breached psychological level of 17,854.05 during intraday trading.

On the contrary, the trading side was dull and overall Rs 262.746 million shares'' trading was witnessed at the ready counter compared to Rs 312.528 million shares traded on Thursday. Trading activity was witnessed in 336 active scrips, out of which 137 closed in positive and 185 closed in negative, while the share price of only 14 stocks remained unchanged.

A healthy increase of Rs 15.59 billion witnessed in KSE-market capitalisation to close at Rs 4.461 trillion against Rs 4.445 trillion on the last trading day. Sanofi-Aventis Pak and National Foods remained the highest gainers of the day and their share prices were increased by Rs 16.68 and Rs 10.33 to close at Rs 351.25 and Rs 334.38 respectively.

While, Unilever Pak and Indus Dyeing SPOT were the great losers of the day because their share prices were declined by Rs 80 and Rs 27.23 to close at Rs 10,300 and Rs 519.5 respectively. Among the top 10 leading companies reflecting significant turnover, only three companies received gains, while the rest of seven companies lost their share prices till the end of trading hours.

PTCLA remained the volume leader with share price up by Re 0.85 to close at Rs 21.95 with some 28.7 million shares'' trading while TeleCard Limited shed Re 0.11 to close at Rs 5.49 with some 19.6 million shares'' trading. Similarly, Wateen Telecard Ltd also lost Re 0.14 to close at Rs 3.84 with some 15 million shares'' trading and WorldCall Telecom shed Re 0.2 to close at Rs 3.55 with some 13.9 million turnover. Besides, Engro Corporation witnessed a decrease of Re 0.84 closed at Rs 94.44 with Rs 11.9 million shares'' trading while Pace (Pak) Ltd gained Re 0.12 closed at Rs 3.93 with some Rs 11.5 million turnover.

Jah Sidd Co lost Re 0.15 to close at Rs 17.77 and its some 11.1 million shares were traded and NIB Bank Limited also remained low by Re 0.11 closed at Rs 2.73 on some Rs 10.9 million turnover. While TRG Pakistan closed at Rs 8.29 with an increase of Re 0.08 and turnover was recorded as some 9.9 million and Fauji Cement remained in low with decrease of Re 0.03 to close at Rs 7.99 with some 8.8 million shares'' trading.

Courtesy: Business Recorder


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