RECORDER REPORT
KARACHI: The Karachi share market witnessed another lacklustre session amid thin trading on the last trading day of the week Friday. The benchmark KSE-100 index moved slightly up by 7 points to close at 28,872 points compared to 28,865 points Thursday.
“Stocks closed higher amid thin trade on cautious activity in the corporate earnings announcement session after the Senate approved resolution affirming supremacy of the constitution and the parliament,” said Ahsan Mehanti, an analyst at Arif Habib.
Pressure on the rupee, falling forex reserves and the State Bank’s concerns on political turmoil negatively impacted the sentiment, he added.
Strong earning announcements and expected ease in circular debt following tariff rationalisation measures for release of the IMF tranche amounting to $550 million next month played a catalytic role in the bullish activity, Mehanti mentioned.
Fahad M Ali, analyst at JS, said another lacklustre session was witnessed at the bourse on Friday where KSE benchmark index remained rangebound during both the trading sessions.
He said investors remained cautious as weekend approaches and no progress has been made to resolve the current political crises.
“It is being expected that investors may keep a cautious approach and start taking positions as soon as negotiations between the political parties take a positive turn,” he added.
During the intra-day trading, the market moved in red and green zones and the index touched 29,022 points highest and 28,815 points lowest level. A large number of investors remained reluctant to trade in the current situation, with the result the volume at the ready counter declined to 68 million shares compared to 152 million in previous session.
With an increase of Rs 10 billion, market capitalisation reached Rs 6.760 trillion against previous Rs 6.750 trillion. Trading took place in 318 companies, of which 152 closed in green zone, 139 in red, while 27 companies remained stayed put.
Among top 10 volume leaders, six companies recorded a positive trend. Pak Elektron Ltd emerged volume leader with 11.77 million shares, gaining Re 0.74 to close at Rs 29.87. B.O.Punjab stood second at Rs 8.04 on 5.3 million shares. Maple Leaf Cement ranked third with 3.5 million shares at Rs 27.37, up Re 0.01. With a trading volume of 2.9 million, Avanceon lost Rs 1.11 to Rs 25.46.
Fauji Cement fell by Re 0.05 to close at Rs 18.89 on 2.3 million shares. With 2 million shares, Ghani Automobile closed at Rs 4.09, up Re 0.24. Engro Fertilizer moved up by Re 0.08 to Rs 53.77 on 1.9 million shares. K-Electric Ltd fell by Re 0.04 to Rs 6.99 on 1.7 million shares.
With a trading volume of 1.6 million shares, Fauji Fert gained Rs 1.64 to close at Rs 112.90. TPL Trakker Ltd closed at Rs 9.45, up Re 0.68 on 1.5 million shares.
Rafhan Maize SPOT and Nestle Pak were the top gainers with Rs 250.50 and Rs 220.00 to close at Rs 10,975.50 and Rs 7,500.00, respectively. Shezan Inter and Services Ind Ltd were the top losers with Rs 38.70 and Rs 26.23 to close at Rs 906.30 and Rs 602.88, respectively.
