KARACHI – The Karachi Stock Exchange (KSE) ended trading on a positive note and gained 20.04 points in an oversold market where analysts believe investors are accumulating blue chip scrips on the basis of the expectation of record earning announcements next week.
On the last trading day of the week, the benchmark ended higher at 12,431.31 points, gaining 20.04 points or 0.16 percent against 12,411.87 points on Thursday. The equity market ended higher but down from the intraday high of 12,571.83, as the investors preferred to sell their stocks before the close ahead of the weekend. The index touched an intraday high of 12,571.82.
“A positive close witnessed in the oversold market as investors accumulate fertiliser scrips and oil refineries on expectation of record earning announcements due next week,” Arif Habib Investments Limited Director Ahsan Mehanti opined.
With an intraday low of 12,405.71, the turnover at the ready-counter was counted at 179.726 million, registering a significant leap of over 19.58 million shares against the previous 160.142 million. Market capitalisation on the day ended up at Rs 3.872 trillion against the Thursday’s Rs 3.358 trillion. According to analysts, record foreign exchange reserves that the State Bank of Pakistan on Thursday calculated at $ 17.28 billion also gave a push to the equity market. Other factors that served as a catalyst for KSE included renewed foreign interest in the blue chips scrips of banking, fertiliser and oil sectors. “Positive activity at KSE was seen despite concerns over possible new taxes to be imposed on corporate sector after the finance minister formed a committee to oversee the circular debt issue in the energy sector and economic issues face by the country,” Mehanti said.
