KSE-100 Index trudges forward

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KARACHI: Trading at the Karachi Stock Exchange staggered ahead on Wednesday as the metropolis of Karachi seethes in the grip of alarming chaos, as the KSE-100 Index hit 10,436 in the early trading hours.
However, trading in stable blue chip stocks at lower levels was pivotal in a weak recovery, the benchmark index halting at 10,486, up by 21 points with 104 million shares traded during the day.
The KSE-30 Index closed at 10066.60 with a gain of 11.21 points and the all-share index closed at 7319.82, up by 15.39 points. The ready market volumes stood at 103.96 million against the previous 86.92 million, while the 52-week average volume stayed at 122.17 million. Total trade volume stood at 46,305 and out of 389, 208 scrips advanced, 159 declined and 22 remain unchanged.
Market capitalisation emerged at Rs 2,876.86 billion. The advance to decline ratio improved with a slight progression in volumes. POL, led the energy sector followed by the PPL and the OGDC, outperforming the benchmark index.
The banking sector also recovered slightly with HBL and NBP beating the KSE-100 Index, with conservative HUBCO closed in the red zone. The FFBL drew fresh interest owing to the expectation of new dividends in upcoming results.
Active trading was witnessed in the LOTPTA, as investors turned bullish on expectations of its earnings in the 3rd quarter that are due to be announced on Oct 27. The rise in cement prices in the north sparked interest in the DGKC and Lucky Cement.
The LOTPTA, JSCL and JSGF made up 46 percent of the total shares traded during the day. Foreigners were dormant, unnerved by the uncertain political situation, whereas locals were active in trading of third-tier corporations and holding companies. Observers believe that buoyant sentiment is fuelled by positive forecasts.