KARACHI: The Karachi stock market managed to close in the positive zone on Thursday despite profit-taking by investors over the prevailing uncertainty related to the political impact of the expected detailed Supreme Court’s judgement over the National Reconciliation Ordinance within a few days.
The Karachi Stock Exchange (KSE) 100-share index gained 10.11 points or 0.10 percent to close at 9,737.47 points as compared to the previous session’s 9,727.36 points. The KSE 30-share index closed at 10,244.21 points with a loss of 12.66 points. The KMI 30 index closed at 14,248.40 points with a rise of 14.69 points.
Analysts said healthy volumes were traded for the second consecutive trading session reflecting growing confidence among investors.
The market turnover went up by 3.52 percent and traded 236.25 million shares as compared with the previous session’s 228.20 million shares. The overall market capitalisation was up by 0.14 percent and traded Rs 2.800 trillion as against Rs 2.796 trillion. Out of total 389 companies, 188 closed in the positive zone, 185 in negative and 16 remained unchanged.
“After two days of consecutive bullish momentum, the market participants booked profits primarily due to consistent pressure on the rupee against dollar which also slowed down the pace of foreign inflows,” said Topline Sec analyst Furqan Punjnani. “Volumes remained healthy with major contribution by PTC towards the end of the session.”
“Fall in the rupee value invited pressure on the market sentiment, however foreign interest in telecom and oil sectors supported the market for a positive close,” said Shahzad Chamdia Sec analyst Ahsan Mehanti. “Oil and gas sector remained positive on rising international oil prices near to $83 and expectations on revision of wellhead gas prices this month.”
“Anticipatory buying had to bow before the loud offloading by the local corporate participants mainly in the stocks carrying various reservations on revenue and payout,” said Aziz Fida Hussein and Co analyst Husnein Asghar Ali. “Although high activity in sidelined stocks kept the market in the positive zone, 9,800 points level has proved major resistance, as the index despite various attempts failed to sustain the psychological level.”
The KSE 100-share index opened in the green zone with a gain of 16.38 points and at the end of the day closed at 9,737.47 with a surge of 10.11 points.
Lotte Pakistan remained the volume leader with 25.70 million shares as it closed Rs 9.14 after opening at Rs 8.84, gaining 30 paisas.
The Karachi Stock Exchange (KSE) 100-share index gained 10.11 points or 0.10 percent to close at 9,737.47 points as compared to the previous session’s 9,727.36 points. The KSE 30-share index closed at 10,244.21 points with a loss of 12.66 points. The KMI 30 index closed at 14,248.40 points with a rise of 14.69 points.
Analysts said healthy volumes were traded for the second consecutive trading session reflecting growing confidence among investors.
The market turnover went up by 3.52 percent and traded 236.25 million shares as compared with the previous session’s 228.20 million shares. The overall market capitalisation was up by 0.14 percent and traded Rs 2.800 trillion as against Rs 2.796 trillion. Out of total 389 companies, 188 closed in the positive zone, 185 in negative and 16 remained unchanged.
“After two days of consecutive bullish momentum, the market participants booked profits primarily due to consistent pressure on the rupee against dollar which also slowed down the pace of foreign inflows,” said Topline Sec analyst Furqan Punjnani. “Volumes remained healthy with major contribution by PTC towards the end of the session.”
“Fall in the rupee value invited pressure on the market sentiment, however foreign interest in telecom and oil sectors supported the market for a positive close,” said Shahzad Chamdia Sec analyst Ahsan Mehanti. “Oil and gas sector remained positive on rising international oil prices near to $83 and expectations on revision of wellhead gas prices this month.”
“Anticipatory buying had to bow before the loud offloading by the local corporate participants mainly in the stocks carrying various reservations on revenue and payout,” said Aziz Fida Hussein and Co analyst Husnein Asghar Ali. “Although high activity in sidelined stocks kept the market in the positive zone, 9,800 points level has proved major resistance, as the index despite various attempts failed to sustain the psychological level.”
The KSE 100-share index opened in the green zone with a gain of 16.38 points and at the end of the day closed at 9,737.47 with a surge of 10.11 points.
Lotte Pakistan remained the volume leader with 25.70 million shares as it closed Rs 9.14 after opening at Rs 8.84, gaining 30 paisas.
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