Karachi Stock Exchange on Friday closed modestly higher as select scrips attracted institutional support across-the-board. The benchmark 100-index managed to gain 14.45 points to close at 28,756 points against 28,741.55 points Thursday. Samar Iqbal AVP at Topline Securities said that a dull activity was witnessed at the local bourse ahead of roll-over week, however profit-taking was seen in NML and NCL following poor export numbers for textiles.
Volumes dropped by 10 percent to 130 million shares and the value declined by 19 percent to Rs 4.8 billion. Interest was seen in OGDC, UBL, and NBP, whereas some renewed interest was seen in NCPL whose share price gained 3.5 percent with 0.78 million shares changing hands, she added. During the intra-day trading, the index touched 28,843.71 points high and 28,719.07 points low levels. Despite a bullish trend, volume at the ready counter fell to 130.444 million shares compared to 145.666 million shares. The market capitalisation surged by 2.6 billion to Rs 6.839 trillion against Rs 6.837 trillion on Thursday.
Trading took place in 343 scrips, of which 158 posted a positive growth, 162 negative and that of 23 remained unchanged. Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed flat amid thin trade on economic uncertainty. "Institutional support in select stocks across the board led by banking scrips on higher spreads, energy stocks on expectations for early resolution of circular debt concerns played a catalyst role in positive close amid consolidation in the pre-budget session at KSE," he added.
Among top 10 companies, some 7 recorded a positive trend. Pak Int Bulk (R) topped the volume chart with 17.62 million shares, down Re 1 to close at Rs 11.07. K-Electric stood second, moving up by Re 0.05 to close at Rs 7.72 on 13.10 million shares. P.I.A.C. (A) closed at Rs 7.36, up by Rs 0.15 on 10.95 million shares. Lafarge Pak gained Re 0.11 to close at Rs 14.27 on 8.26 million shares. TRG Pakistan Ltd with 7.31 million share lost Re0.11 to close at Rs 14.50. Pak. Elektron Ltd surged by Rs 1.13 to close at Rs 24.77 on 7.22 million shares. Byco Petroleum fell by Re 0.17 to close at Rs 11.63 on 4.90 million shares.
With a trading volume of 4.85 million shares, Askari Bank inched up by Re 0.41 to close at Rs 19.53. Fauji Cement closed at Rs 17.62, up by Re 0.19 on 3.09 million shares. Summit Bank bagged Re 0.22 to close at Rs 3.76 on 2.68 million shares. Rahfan Maize and Siemens Pakistan were the top gainers with Rs 112.50 and Rs 66.10 to close at Rs 11,400.00 and Rs 1,388.10, respectively. Philips Morris Pak and Sanofi-Aventis were the top losers with Rs 44.64 and Rs 32.63 to close at Rs 848.31 and Rs 895.00, respectively.
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