KARACHI – The Karachi Stock Exchange (KSE) edged up slightly by gaining 31 points as investors took fresh positions in blue chips during the second session. The KSE-100 index closed at 11,684 points on Friday.
In general, the stock market remained in the negative zone, but buying in the second session stabilised the market and value of the shares of 108 companies. At one time the index squeezed to 11,566 points, but buying in blue chips during second session on Friday gave some strength to the market and the benchmark index closed at 11,684 points.
Of the 338 active companies at KSE, the value of 108 shares increased, 128 lost value while the prices of 102 shares remained unchanged. The volume of shares traded on the bourse amounted to 56.838 million shares having value of Rs 2.818 billion. Analysts observed that the last trading session of the week and second session of the day witnessed a recovery of 118 points from the lowest level that was reached immediately after the opening minutes of the second session.
After four consecutive days of negative performance, the index finally posted a positive close, backed by fertiliser stocks. Energy giants PPL and OGDC remained in disarray as stocks continue to lose value. HBL’s results were fairly good and the stock performed exceptionally well. Apart from HBL, the rest of its banking peers performed relatively weakly.
Analysts believe that the benchmark index that closed on a positive note on Friday after four consecutive days of negative closing was being considered a sentiment changer, given the fact that the index has already lost 222 point during the week. The lack of investor participation kept on increasing as stock market witnessed an average daily volume of merely 60 million shares.
Recent surges in international oil prices have left investors dreading over continued economic woes. HUBCO is set to announce 3QFY11 results on April 19, 2011 where it is expected to announce its Profit After Tax of Rs 1.248 billion with Rs 1.08 expected earning per shares. Another blue chip company, Pakistan Oilfields (POL) is also scheduled to announce its financial results for 9MFY11 on April 19, 2011.
