RECORDER REPORT

KARACHI: Karachi equities Thursday closed flat at 33,945.32, adding only 1.58 points to Wednesday’s 33,943.74 points. Volatility persisted in the market with KSE-100 index hitting the intraday high and low of 34,043.25 and 33,921.58 points, respectively.

Last day of the week saw more than 202 million shares changing hands compared to 139 a day earlier. The value of stocks traded remained southward at Rs 7.78 billion against Rs 8.53 billion of last session. Of the total 383 scrips traded, 214 posted gains, 145 depreciated while 24 closed unchanged.

The market cap contracted to Rs 7.23 trillion as foreign investors remained jittery and sold stocks worth $ 3.08 million.

Pace Pakistan led volumes with 19.2 million shares and inched up to Rs 7.35 at close. Other best performing issues were K-Electric which traded by 13.5 million, Japan Power 13.4 million, Pak Elektron 12 million, Southern Electric 10.9 million, SSGC 9.7 million, SNGPL 9.7 million, JSCL 8.4 million, Bank of Punjab 6 million and Descon Chemical 4.7 million shares. Trade on the futures market declined to 24.8 million contracts compared to Wednesday’s 30.8 million.

“Stocks closed flat ahead of long weekend on Ashura holidays,” said Ahsan Mehanti of Arif Habib Corp.

Trade remained in leverage stocks on falling borrowing costs, he added.

The analyst cited improving Pak-US ties, institutional support in auto and cement scrips amid strong earnings announcements as catalyst for the day’s positive close.

JS analyst Arhum Ghaus said the market was expected to remain volatile in the upcoming roll-over week.