KSE closes higher with a gain of 76 points
KARACHI: The Karachi stock market closed higher on the last trading day of the week Friday on account of institutional and foreign interest in blue chips.
Analysts said investors’ confidence was boosted by congratulation by the United States embassy to the Pakistan and India leadership on improving diplomatic bilateral ties between both the countries.
The Karachi Stock Exchange (KSE) 100-share index gained 76.10 points or 0.64 percent to close at 11,885.64 points as compared to 11,809.54 points of the previous session. The KSE 30-share index also increased by 68.62 points to close at 11,630.12 points as compared with 11,561.50 points.
“Bullish activity was witnessed on institutional and foreign interest on strong valuations after US embassy congratulated Pak-India leadership on improving diplomatic bilateral ties between the two countries,” said Arif Habib Investment Ltd Director Ahsan Mehanti. “Rising local commodity prices including cement, oil and fertilizer, higher banking spreads and positive investor sentiment ahead of the quarter-end earning announcements played a catalyst role in the positive activity at the KSE despite security concerns in the country.”
The market turnover rose 17.48 percent to 80.50 million shares from its opening at 68.52 million shares. The market capitalisation gained 0.85 percent to Rs 3.167 trillion as against Rs 3.147 trillion. Gainers outnumbered losers 154 to 114, while 86 stocks were unchanged.
“Cautious consolidation continued at the KSE,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. Frontline stocks from oil and gas exploration and fertilizer sectors faced renewed sell-off.”
The KMI 30-share gained 86.44 points and closed at 20,150.12 points after opening at 20,063.68 points. The KSE all-share index closed with a gain of 51.71 points to 8,277.45 points as against 8,225.74 points.
Pace (Pak) Ltd was the volume leader with 18.72 million shares as it closed at Rs 3.67 after opening at Rs 3.14, gaining 53 paisas. Lotte Pakistan PTA traded 6.73 million shares as it closed at Rs 16.03 from its opening at Rs 16.14, shedding 11 paisas. Engro Corp traded 3.73 million shares as it closed at Rs 205.48 as compared to its opening at Rs 205.78, falling 30 paisas. Lucky Cement traded 3.64 million shares as it closed at Rs 68.40 as against its opening at Rs 67.48, rising 92 paisas.