The Karachi Stock Exchange (KSE) on Monday ended higher and the benchmark KSE-100 index gained 26.60 points to close at 16,892 points from 16,865.34 points of the previous session. "Due to year-end effect all major institutions preferred to remain on the sidelines at Karachi share market," Samar Iqbal an equity dealer Topline.
It was also depicted by low volumes of only Rs 2.8 billion on Monday, while TRG was remained the volume leader with more than 33 million shares exchanged hands, she said, adding that interestingly Engro Foods closed five percent up, mainly due to some institutional support. On the first trading day of the week, Karachi share market opened in green zone and after various fluctuations it closed with positive note. The KSE-100 index also hit intraday high level of 16,904.52 points and low level of 16,815.64 points.
Trading activity was remained dull and overall 131.993 million shares were traded at ready counter compared to 182.017 million shares traded on Friday. Among 342 active scrips, 120 closed in positive and 191 in negative while the share price of 31 stocks was remained unchanged. The market capitalisation increased by Rs 5.2 billion to Rs 4.237 trillion from Rs 4.235 trillion on last trading day.
Among top 10 leading scrips, TRG Pakistan Ltd was volume leader and its share price increased by Re 0.41 to close at Rs 6.18 with 33.41 million shares trading. Byco Petroleum gained Re 0.26 to close at Rs 12.35 and its some 9.1 million shares were traded. Share price of Lotte PakPTA was increased by Re 0.12 to Rs 7.61 on 8.7 million turnover. With share trading of 6.5 million, Dewan Salman''s gained Re 0.10 to close at Rs 2.51.
Engro Foods Ltd increased by Rs 4.32 to close at Rs 96.21 with some 5.5 million share trading. Pak Elektron Ltd closed at Rs 10.17, up by Re 0.44 and its some 5.5 million shares were traded. The share price of Dewan Cement was declined by Re 0.14 to close at Rs 5.06 on 3.7 million turnover, while Fauji Cement''s share price was remained stable at Rs 6.40 on 2.9 million turnover.
With some 2.5 million shares trading, Maple Leaf Cement lost Re 0.1 to close at Rs 14.79 and Jah Sidd Co lost Re 0.31 to Rs 16.34 and its some 2.3 million shares were traded. Unilever Pakistan and Sanofi-Aventis Pak were the highest gainers and their share prices were increased by Rs 50 and Rs 15 to close at Rs 10,150 and Rs 390 respectively. While, Unilever Food and Bata (Pak) were the worst looser and declined by Rs 100 and Rs 39 to close at Rs 4,200 and Rs 1,360 respectively.
Commenting on the market, Ahsan Mehanti an analyst at Arif Habib said that stocks closed higher amid lower trades ahead of Christmas Eve on strong valuations. "Higher global commodities, record textile exports and ECC approvals on allocation of gas to fertiliser sector affected the sentiments," he added. Trading was mainly in second and third tier stocks and limited foreign interest, concerns for falling foreign investment and security situation in the country invited intraday profit-taking, he mentioned.
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