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Karachi stock market faces mixed trading session, index up two points

KARACHI: The Karachi stock market witnessed a mixed trading session on Thursday, which is the last trading day of the week on account of Eidul Azha holidays, and closed with a slight gain.

Analysts cited the political uncertainty over the National Reconciliation Ordinance issue for the lack of investor interest.

The Karachi Stock Exchange (KSE) 100-share index gained slightly by 1.64 points or 0.02 percent to close at 9,206.21 points as compared to the previous session’s 9,204.57 points. The KSE 30-share index closed at 9,706.48 points with a loss of 23.69 points. The KMI 30 index closed at 13,436.50 points with a gain of 11.28 points.

Analysts said the market started the day’s proceedings on a negative note, but at the end of the trading session closed with a meagre gain. The daily turnover remained very dismal at 84.66 million shares, reflecting an increase of 2.71 percent as compared with the previous session’s 82.42 million shares. The overall market capitalisation remained unchanged at Rs 2.658 trillion. Out of total 361 companies, 206 closed in the positive zone, 139 in negative and 16 remained unchanged.

“The market was dull as investors preferred to stick to sell on strength strategy,” said Topline Sec analyst Furqan Punjani. “Lapse of NRO ahead of the long weekend limited the market’s performance and it remained range-bound.”

“Rise in international oil prices, strong valuations in banks, cement, oil and fertilizer scrips and limited investor interest were witnessed at the market,” said senior Shahzad Chamdia Sec analyst Ahsan Mehanti.

“Sluggish opening pushed the market into the negative territory, wherein the index heavy weight, OGDC played a major role,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “OGDC faced fresh float offered by the offshore participants and with various reservations on revenue and payouts, the locals stayed aloof.”

Bank of Punjab was the volume leader in the share market with 011.76 million shares as it closed at Rs 17.50 after opening at Rs 16.50, making a financial gain of Re 1. Pak PTA Ltd traded 7.96 million shares as it closed at Rs 7.66 from its opening at Rs 7.50, gaining 16 paisas. OGDC traded 7.51 million shares as it closed at Rs 106.39 as against its opening at Rs 108.10, shedding Rs 1.71. Bank Alfalah traded 4.36 million shares as it closed at Rs 14.09 as compared with its opening at Rs 14.14, losing five paisas. staff report

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