A positive sentiment pervaded Karachi Stock Exchange where the benchmark 100-index gained 50 points to close at 26,892.23 points Friday up from 26,842.53 points Thursday. "After rising by over 4 percent in 5 consecutive sessions, overall consolidation was seen in the market," said Samar Iqbal Senior Manager Equity Sales Topline Securities.
Oil Marketing Companies (OMCs) remained in the limelight as Shell and PSO were closed with an increase of 5 and 2 percent, respectively, she added. Profit-taking was seen in oil exploration companies and cement stocks, she added. Small-cap stocks remained in the limelight and Maple Leaf led the volume with 26 million shares to close 2.3 percent down followed by TRG with 19 million shares closing at upper cap.
On the last trading day, KSE-100 index hit a intraday high of 26,978 points and a low of 26,803 points. Despite positive trend, trading activity was slow and overall some 203.346 million shares were traded on Friday compared to 263.073 million Thursday. Trading took place in 364 scrips, of which 168 went up, 173 went down and that of 23 scrips remained unchanged. Market capitalisation increased by Rs 22 billion to Rs 6.494 trillion.
Among Top Ten scrips, prices of five scrips closed positive, four negative while one remained stable. Maple Leaf Cement emerged volume leader with 25.663 million shares. It lost Re 0.54 to close at Rs 29.26. TRG Pakistan Ltd gained Re 1 to close at Rs 16.02 on 19 million shares. Jah. Sidd. Co moved up by Re 0.22 to Rs 10.36 on 10 million shares. With a gain of Re 0.02, Lafarge Pak closed at Rs 11.43 on 9 million shares. Some 8.9 million share of Dewan Cement were traded. It gained Re 0.42 to Rs 9.72. Fauji Cement SPOT remained stable at Rs 16.88 on 8.1 million shares. B.O.Punjab fell by Re 0.09 to close at Rs 10.72 on 6.5 million shares. Similarly, D.G.K. Cement closed at Rs 90.22, down by Rs 1.90 on 6.4 million shares. Some 5.3 million shares of Kohinoor Textile lost Re. 0.62 to Rs 29.42. Engro Corporation moved up by Re 0.85 to Rs 186.98 on 5.2 million shares.
Bata (Pak) and Island Textile were the top gainers with Rs 100.00 and Rs 55.25 to close at Rs 3,000.00 and Rs 1,160.25, respectively. Indus Dyeing and Mitchell's Fruit were the worst losers with Rs 57.22 and Rs 28.29 to close at Rs 1,087.23 and Rs 670.05, respectively.
Commenting on the market situation, Ahsan Mehanti an analyst at Arif Habib Securities said that stocks close higher amid consolidation in blue-chip stocks. Oil stocks led the rally followed by second and third-tier stocks on strong valuations, he added. Rising forex reserves, expectations for favourable Monetary Policy later this month and resumption of government peace talks with TTP played a catalyst role in bullish activity post major earning announcements at KSE, he added.