Bullish momentum continues at Pakistan stocks

 

KARACHI: Pakistan stocks extending bullish momentum opened positive for the third consecutive trading session on Friday; however index lost direction in late hours on regional markets’ slump closing down by 0.21%.

The Karachi Stock Exchange (KSE)-100 index lost 70.81 points to close at 34,261.61 points as compared to 34,332.43 of the previous session. The KSE-30 Index shed 31.62 points and closed at 20,417.39 points against 20449.01 points of the last closing.

“Pakistan equities broke the two day positive streak to close the week lower as weak performance of the region led to wider market taking a breather. Stocks opened positive continuing from the momentum of previous session with index gaining 130 points in early hour, however market succumbed to profit taking and closed in red near day’s close,” said Elixir Sales’ analyst. Activity in the wider market was noticeably lower as investors opted to stay on the sideline and hunted for clarity after Thursday’s on-system and off-market foreign selling.

The analyst expects volatile trading next week with benchmark index consolidating near 34,500 as earnings season nears end, while inflation reading due next week will keep interest in the wider market alive.

Habib Metropolitan Financial Services’ analyst Kumail Chevelwalla said KSE-100 index ended the bullish streak to end the week where index swung both ways amidst expanding turnover by 2% as compared to preceding day.

‘With result season almost over, we expect index will remain tumultuous while foreign flows will be a key concern,’ said Chevelwalla.

The market volume increased to 196.233 million shares traded as compared to 192.390 million shares traded in the previous session. Trading value at the local bourse fell to Rs 9.474 billion against Rs 12.386 billion of the previous session. Out of 376 scrips, 142 scrips advanced, 213 scrips declined while the value of 21 scrips remained unchanged. The KMI-30 index declined by 380.92 points to close at 57362.34 points as compared to 57,743.26 points of the previous session.

The KSE all-share index went 11.31 points up to close at 23,945.47 points as compared to 23,956.78 points of the previous session. K-Electric Limited was the volume leader in market with 30.613 million shares as it closed at Rs 7.57 followed by Pace (pak) Limited with trading of 21.635 million shares and closed at Rs 8.17. TRG Pak traded 11.337 million shares and closed at Rs 37.13.

 

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