Index gains 38.51 points

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On massive buying of selected scrips, a benchmark KSE-100 index on Friday closed in a bullish mode by gaining 38.51 points to close at 16,845.09 points from 16,806.58 points. "Range bound activity was seen on last trading day of the week at Karachi share market due to uncertainty on the quantum of interest rate cut", said Samar Iqbal an equity analyst at JS. Focus however remained towards cement stocks as MLCF witnessed maximum volume. 174 companies closed in green while 158 decline, he added.

On Friday, some improvement was also witnessed on trading side and overall 129.486 million shares were traded at ready counter compared to 119.206 million shares a day earlier. Trading was occurred in 354 scrips, out of which 174 closed in positive and 158 in negative, while the share price of 22 stocks was remained unchanged. However, the market capitalisation registered some decline and fell by Rs 3.068 billion to Rs 4.217 trillion from Rs 4.22 trillion.

Among top 10 scrips, Maple Leaf was volume leader as its some 21.29 million shares were traded, while its share price was up by Re 0.8 to Rs 14.92. Jah Sidd Co lost Re 0.37 to Rs 16.98 with 8.51 million turnover. With trading of 8.2 million shares, D G Khan gained Re 0.16 to close at Rs 54.4 per share. Share price of Fuji Cement and Pak Elektron Ltd up by Re 0.09 and Re 0.27 to close at Rs 6.654 and Rs 9.01 million with 4.7 million and 4.3 million share trading respectively.

Some four million shares of Byco Petroleum were traded and its share price declined by Re 0.11 to Rs 11.31. With an increase of Re 0.13, share price of Bank of Punjab closed at Rs 9.39 and its 3.9 million shares were traded. Ghani Gases Ltd gained Re 0.93 to Rs 17.16 with 3.8 million turnover. In addition, with 3.5 million turnover, Nishat (Chunian) share price up by Rs 1.21 to close at Rs 37.2, and Engro Corporation lost Rs 1.21 to Rs 93.93 with 3.1 million share trading.

Bata Pak and Unilever Pak were the highest gainers and their share prices were up by Rs 20 and Rs 19.52 to close at Rs 1,490 and Rs 10,020 per share respectively. While, Nestle Pakistan and Colgate Palmolive were the worst looser and declined by Rs 199 and Rs 73 to close at Rs 4,701 and Rs 1,427 per share respectively.

Commenting on the market situation, Ahsan Mehanti said stock closed bullish with investor interest in stock across the board on speculations for the rate cut in SBP policy's announcement. He said that expectation for Pak-IMF positive talks for revision in loan repayments, improved economic outlook, potential release of 600 million dollars and coalition support fund played a catalyst role in bullish sentiments at KSE despite concerns for rising political noise as the Supreme Court issues notices against contempt of court.

Courtesy:B Recorder


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