In a week that began on a profit taking sentiment, the local bourse concluded its final session on a positive note with a 51 points gain to close at 11,353 points. Oil industry heavyweights OGDC and PPL accounted for 29 points of the gain incurred in Friday’s session.
The KSE 100 index closed at 11,353.46 levels with the gain of 51.24 points, while KSE 30 index bagged 40.69 points to close at 10,916.75 levels. All share index closed at 7,889.89 levels after gaining 35.66 points. Total 151 scrips advanced, 104 declined and 88 remain unchanged out of total 343 scrips traded.
The quarter end hype associated with fertiliser scrips was evident as the Fauji twins and Fatima ended in the green zone. Lotte PTA also continued its northward journey as volatility in cotton prices kept the scrip in investors’ good graces. With the week coming to an end and results seasons over, the market temperament is expected to be more subdued as investors carefully watch from the sidelines to spot bargains for the next results season, said Sr Investment Analyst at HMFS, Ali Hussain.
Low volume and range bound movement stayed the fate of last session of the week, as minimal support on adjustment did restrict major decline and fast losing value of local currency. Tough statements by the US regarding operations against terrorist organisations and that of by international loan extending agencies regarding impact of high domestic debt on interest rates, along with lingering and ballooning economic and financial issues, kept the wide spread participants on side lines.
Decline in turnover and trade with increase in values remained prominent happening in post bullish rallies initiated during previous weeks, continues to stay an alarming factor, while high priced stocks struggling to find sustainable multiples. Even consistent dividend yielding stocks find it tough to resist technical calls suggesting adjustment, thus leaving less trading opportunities for the market men on strength. Short selling feature adopted by handful participants besides offering a hedge against various purchases does offer trading options during post stagnation sell-off, caution is therefore suggested, said Hasnain Asghar Ali at Aziz Fidahusein.
