Karachi Stock Exchange (KSE) Thursday witnessed volatile session but closed on positive note on the back of institutional buying. With a rise of only 12.77 points, the KSE-100 Index stood at 21,015.34 points against 21,002.57 points Wednesday. The local bourse opened in green zone. It went up by more than 200-plus points. It then turned back and witnessed lower trend for a while and closed on positive note.
The highest level, KSE-100 Index saw was 21,211 points while the lowest level was 20,959 points during the intra-day trading. Commenting on the market performance, Mujtaba Barakzai, a technical analyst at JS Global said KSE-100 went up to a high of 21,212 and later closed at 21,015 (+13 points). Investor interest was evident in the cement sector due to strong sector margins. He added that DGKC closed marginally up 0.2 percent, while LUCKY dipped by 0.9 percent. In line with the market, the energy sector remained highly volatile throughout the day with PSO hitting a low of Rs 307.12 and a high of Rs 320.80.
"The stock finally closed up 1.2 percent. The ECC meeting later tonight may bring further clarity on policy decisions of the government on the resolution of the circular debt issue," Mujtaba said. Ahsan Mehnati, a technical analyst at Arif Habib Corp commented that Pakistan stocks closed higher amid thin trade ahead of year-end close on strong valuations.
He said institutional interest led by oil, energy and cement stocks played a catalyst role in bullish sentiments amid hopes for IMF approval of $5bn bailout package to ease economic uncertainty. Speculations on early resolutions of circular debt issues in energy sector, recovery in global commodities and stocks affected the sentiments, he added.
Market capitalisation witnessed lower trend as it closed at Rs 5.135 trillion against Rs 5.141 trillion. The trading side also remained low as the volume at ready counter stood at 146.740 million shares from 203.247 million shares. Out of total 338 active scrips, 191 went up, 125 went down while 22 remained unchanged. Murree Brewery and Liberty Mills were the top gainers with share prices increasing by Rs 12.82 and Rs 11.00 to close at Rs 269.34 and Rs 231.00, respectively.
Indus Dyeing and Dreamworld were the top losers with share prices decreasing by Rs 29.79 and Rs 11.50 to close at Rs 566.03 and Rs 233.25, respectively. Six companies available in "Top Ten" chart witnessed increase in their share prices while the rest gained strength. Bank Al-Falah succeeded to take charge as "Volume Leader" but it lost 90 paisa to close at Rs 17.96 on 16.567 million shares.
Fauji Cement gained 15 paisa to close at Rs 13.34 on 11.521 million shares. PTCLA decreased by 17 paisa to close at Rs 21.20 on some 8.302 million shares. Japan Power bagged 40 paisa to close at Rs 4.55 on 6.715 million shares. Jah. Sidd. Co gained 10 paisa to close at Rs 11.78 on some 6.638 million shares. PSO witnessed a big jump of Rs 3.7 to close at Rs 317.11 on 5.803 million shares. B.O. Punjab shed 34 paisa to close at Rs 12.20 on a turnover of 5.508 million shares. Maple Leaf Cement shot up by 14 paisa to close at Rs 22.25 on a turnover of 5.475 million shares. National Bank fell by 28 paisa to close at Rs 41.12 on 5.292 million shares. The last one among the Top Ten was D.G.K. Cement which witnessed an increase of 14 paisa to close at Rs 82.97 on 3.866 million shares.
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