KARACHI: 

The index remained jittery throughout the day with low volumes being traded ahead of Eid holidays. However, it managed to retain its level over 30,000 and ended in the black for the fourth successive time this week.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.11% or 31.65 points to end at 30,103.23.

“Investors remained sidelined due to concerns over political uncertainty as the sit-ins by PTI and PAT in the capital city prolonged over the religious event, depicting a decline in trading volumes from the previous day,” said Elixir Securities analyst Harris Ahmed Batla.

“However, small cap retail plays continued to lead volumes chart to the likes of Fauji Cement (FCCL PA +0.91%) and Pak Electron (PAEL PA +0.44%), while financials, cements and oils traded range bound on low volumes.

“We expect development on the political front during holidays to guide direction going forward. We suggest cherry picking AKBL, OGDC, DGKC and NML,” he suggested.

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Meanwhile, JS Global analyst Arhum Ghous said the market opened on a bullish note and made a high of 30,179 before decreasing.

“Profit-taking was witnessed in the second session as investors choose to reduce trading positions on the last trading session of the week before the long Eid weekend. Still, the market closed positive due to the news of the Peshawar High Court’s stay order against the secondary offering of OGDC shares, which kept the heavy weight index share +0.8%.

“AKZO continued its northwards journey for a third consecutive day due to a rumour about a possible buyback.

“We expect the market to pick up after Eid and any dips in the banking sector should be considered an opportunity to buy,” said Ghous.

Trade volumes fell to 112 million shares compared to Thursday’s tally of 168 million.

Shares of 361 companies were traded on Friday. Of these, 166 companies declined, 182 closed higher while 13 remained unchanged. The value of shares traded during the day was Rs5.1 billion.

Al-Noor Modar was the volume leader with 10.4 million shares, losing Rs0.31 to close at Rs5.94. It was followed by Fauji Cement with 6.4 million shares, gaining Rs0.18 to close at Rs19.92 and Pak Elektron with 5.2 million shares, gaining Rs0.12 to close at Rs27.31.

Foreign institutional investors were net seller of Rs4.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

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