KARACHI: The stocks remained strong on Friday with the KSE-100 index clawing back to cross the 30,000 points level. The benchmark gained 179.69 points to close at 30,158.63, while the market capitalisation also crossed the Rs7 trillion mark.
Volume at 230 million shares was about twice the 120m shares traded the earlier day.
However, investors noted with slight concern the selling of $3.33m worth stocks by foreign funds on Friday, which in addition to overseas investors’ profit taking by sale of shares valued at $2.91m a day ago, took the total two-day outflow at $6.24.
“The foreign fund managers had made healthy buying of $9.41m worth stocks last week and profit booking this week should be regarded as normal,” assured a stock broker.
The weekly trading was wrapped up in just two sessions as the market remained closed for the first three days on account of Eid holidays.
The KSE-100 index closed marginally higher by 44 points or 0.2 per cent, week-on-week.
Mid-tier stocks again took centre stage on Friday with all but one of the 10 volume leaders quoted at below Rs25.
Analyst Muhammed Mobeen at JS Global stated that the index heavy weight OGDCL was down by 0.6pc on Friday as the stock witnessed a bearish trend after the Supreme Court allowed the OGDCL secondary offering to go forward but restricted any transfer of shares till further notice causing concern amongst investors.
Major activity was seen in the side-board items like Ghani Automobile (GAIL) which reached its upper circuit.
Shahmurad Sugar (SHSML) continued its northward journey to reach another ‘upper lock’ on Friday.