Market shrugs off violence; index up 23 points

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Market shrugs off violence; index up 23 points

KARACHI - Amid law and order concerns market remained range bound with index managed to close above 17,266 points for the first time ever. Volumes dropped by 50pc to 142m shares while activity remained confined towards mid cap stocks as MLCF led the volume followed by FCCL and BYCO, dealers observed here on Friday. At local equity market benchmark KSE-100 share index marginally up by 23.49 points or 0.14 percent to end the day at 17,266.23 points as compared to 17,242.74 points of the previous day. KSE-Allshare index gained 7.52 points or 0.06 percent to conclude the session at 12,214.78 points, KSE-30 share index higher by 21.81 points or 0.15 percent to close the day at 14,106.66 points while KMI-30 share index grew by 53.03 points or 0.18 percent to close the day at 29,748.23 level.

An analyst said that trade remained thin amid concerns for security unrest in the city. GIDC removal for fertilizer sector, double digit growth in textile sector, expectations for lower CPI data for Jan 12 and higher global commodities played a catalyst role in bullish sentiments at KSE despite concerns for rising circular debt in Pakistan energy sector.

Bourse traded 142.383 million shares the last working day of trading week on Friday compared to 272.763 million shares of previous session. The value of traded shares was minimised to Rs 3.916 billion from Rs 6.046 billion while the capitalisation of local market settled at Rs 4.328 trillion compared to 4.325 trillion of a day earlier.

Trading took place in 325 companies where 142 closed in positive and 168 in negative while the value of 15 companies remained intact. Indus Dyeing was the top loser of the day down by Rs 33.10 to Rs 628.90 followed Siemens Pakistan decreased by Rs 14.44 to Rs 605.56. Exide (Pak) and Millat Tractors Limited were the biggest gainers of the day up by Rs 16.02 to Rs 336.61 and Rs 13.24 to Rs 636.96.

Active list was again topped by Maple Leaf Cement with 22.704 million shares as it closed at Rs 17.90 after opening at Rs 17.05. Fauji Cement was on second position with 10.321` million shares shed Re 0.02 to Rs 7.99. It was followed by Byco Petroleum with 8.172 million shares up by Re 0.19 to Rs 14.13, Sui North Gas with 7.062 million shares off Re 0.49 to Rs 22.85 and Lotte PakPTA with 5.615 million shares lost Re 0.12 to Rs 7.34.

Equity dealer Samar Iqbal said with the support of foreign inflow market managed to gain WoW 1pc to close at all time high level of 17,266 points. Banking, cement and telecom sectors remained in the limelight in anticipation of healthy earnings for December results. While Attock group and Lucky Cement failed to entice investors after their result announcement. Key highlights of the week remained gas load management plan by Economic Coordination Committee and CPI for January. Going forward, result announcement from PPL and MCB and monetary policy will remain key driver of the market for a shorter week.

Courtesy: The Nation

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