Stocks close in green amid volatile trading

The local bourse opened positive on Thursday but late hours profit taking over the reports of foreign selling trimmed the earlier gains, as the index settled to close marginally in green.

The Karachi Stock Exchange (KSE)-100 index gained 87.57 points to close at 34,397.33 points as compared to 34,309.76 of the previous session. The KSE-30 Index added 60.23 points and closed at 20,978.94 points against 20,918.71 points of the last closing.

“Pakistan equities ended the day positive after a volatile session. After a positive opening, the market consolidated gains, however, reports of foreign selling triggered profit taking in wider market in late hours of trading,” said Elixir Securities’ analyst Faisal Bilwani.

He said that mixed oils trading was observed as volatility in the international crude kept most investors at bay while the fertilisers took a breather on rumours of higher than earlier expected urea imports that led to profit booking. On a day where the wider market struggled to sustain gains, most activity was in small and mid cap stocks that kept the retail investors busy hunting for a quick buck, he added.

Habib Metropolitan Financial Services’ analyst Kumail Chevelwalla said the KSE-100 index recovered marginally as continuous foreign selling puts the local investors in a pickle as $60 million foreign outfl ows were witnessed in the preceding month.

He said the fertiliser sector was again in limelight on the rumours that the government has reduced taxes on imported fertilisers. “We expect the index to remain dicey with weak volumes,” added Chevelwalla.

The market volume increased to 260.294 million shares traded as compared to 248.895 million shares traded in previous session. Trading value at the local bourse fell to Rs 10.458 billion against Rs 10.653 billion of the previous session. Out of 383 scrips, 167 scrips advanced, 202 scrips declined while the value of 14 scrips remained unchanged.

The KMI-30 index advanced by 115.32 points to close at 57,453.89 points as compared to 57,338.57 points of the previous session.

The KSE all-share index went 5.76 points down to close at 24,031.99 points as compared to 24,037.75 points of the previous session. TPL Tracker limited was the volume leader in the market with 18.598 million shares as it closed at Rs 38.29 followed by Dewan Cement with trading of 18.033 million shares and closed at Rs 18.09. Power Cement ltd traded 13.582 million shares and closed at Rs 11.44.

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