KSE index ends slightly higher amid range-bound trading

Attention: open in a new window. PDFPrintE-mail

KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended slightly higher in a range-bound session on Wednesday as investors remained cautious ahead of the Supreme Court’s hearing of the National Reconciliation Ordinance (NRO) implementation case, dealers said.

“Investors remained cautious ahead of NRO implementation case hearing at Supreme Court on Thursday (today),” said Jawad Khan, an equity dealer at JS Research.

The KSE 100-share index improved by 6.12 points, or 0.04 percent, to end the session at 14,380.46 points. The index moved in a range of 71.96 points making an intraday high of 14,405.33 points and a low of 14,333.37 points. The KSE 30-share index, however, lost 12.50 points, or 0.10 percent, to close at 12,486.84 points.

Out of total 375 companies’ stocks traded, 132 advanced, 121 declined, while 122 closed unchanged. Scattered buying in low-priced banking stocks helped the 100-share index closed on a positive note, dealers said.

Stocks that played major role in driving the index up included Bank Al-Falah, Askari Bank, NIB Bank, MCB Bank, Pakistan Petroleum Limited, Oil and Gas Development Company, Allied Bank Limited, Standard Chartered Bank Limited and Colgate Palmolive.

Khan said that investors were closely following political developments amid fears that another executive-judiciary crisis is in offing after the National Assembly approved amended the law of contempt.

He said that concerns over the emerging crisis overshadowed the optimism over the forthcoming visit of chairman of the Securities and Exchange Commission of Pakistan to KSE on Thursday (today). “The top agenda of the visit is to find out ways for boosting trading activities and confidence of investors.”

DG Khan Cement remained in the limelight on optimism over good earnings. Engro Foods also posted some gains ahead of its June quarter results, dealers said. Turnover slightly decreased to 80.60 million shares from 82.53 million shares traded in the previous session. Turnover in the futures market fell to 5.78 million shares from 7.31 million shares traded a day earlier.

Market capitalisation enhanced by Rs3 billion to Rs3,663 billion.

DG Khan Cement was the turnover leader with 8.82 million shares and it closed at Rs42.94 with a loss of 66 paisas. It was followed by Jahangir Siddiqui and Company with turnover of 7.54 million shares and it closed at Rs14.32 with a gain of 21 paisas. Engro Foods Limited was at the third position with turnover of 6.79 million shares and it closed at Rs73.41 with an increase of 10 paisas.

 

Colgate Palm Rs47.65

Closing Rs1,150.00

Rafhan Maize Rs33.00

Closing Rs3,100.00

Unilever Pak Rs25.28

Closing Rs7,398.69

Nestle Pak Rs54.65

Closing Rs4,012.50

Island Tex Rs11.27

Closing Rs216.01

Shezan Int Rs6.48

Closing Rs189.62

 

Courtesy: The News


Forex open Market rates & comments Archive

Login Form