Index gains merely 9.60 points after global stocks and commodities left their respective waking up acts to the 11th hour. The bulls were late and the bears were left with arms wide open…
The bulls kept dominating Karachi stocks market on last working day of the week Friday with benchmark, KSE 100-share index gained 09.60 points.
The day saw the index closing up by 0.07 percent at 13,665.80 points against 13,656.20 points of Thursday.
Pakistan stocks closed higher on institutional support after global stocks and commodities recover. This was opined by Ahsan Mehanti, Director at Arif Habib Investments Limited.
On Friday, the trading volumes at the ready-counter were recorded lower at 109.142 million shares against 114.327 million shares of the previous day. The trading value too decreased to Rs 3.792 billion compared to Rs 4.303 billion of the previous session. The intraday high and low, respectively, stood at 13,753.09 and 13,616.87 points.
He added that the hopes for improvement in Pak-US ties affected the investor sentiments despite concerns for present judicial crises in the country. The market capitalization increased to Rs 3.490 trillion from Rs 3.486 trillion a day earlier. Of the total 342 traded scrips, 137 gained, 121 lost and 84 finished as unchanged.
The free-float KSE-30 index declined to 13.60 points to close at 11,786.87 points against the previous 11,800.47 points. Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 16.148 million with the opening and closing rates standing at Rs 14.01 and Rs 14.20, followed by Azgard Nine, D.G.K Cement, Escorts Bank and Fauji Fertilizer Bin with turnover of 11.638 million, 8.220 million, 4.985 million and 4.628 million shares respectively. According to analyst the mixed views on future economic and political outlook kept investors activity limited.
On the future market, the turnover decreased by over four million shares to 8.126 million against 12.949 million shares of Thursday. The Nestle Pakistan Limited and Siemens Pakistan, up Rs 58.57 and Rs 20.89, led highest price gainers while, UniLever Pakistan and Rafhan Maize Prod, down Rs 128.33 and Rs 110.24 respectively, led the losers.
