KARACHI - The Karachi stock market edged higher on Friday. The KSE 100-share index, which hit the intra-day high of over 14,000 points due to selective stocks picking by investors, closed at 13875.53 points after gaining 44.06 points or 0.32 percent. The index had closed at 13831.47 points the previous day.
Stock analyst Ahsan Mehanti observed that renewed institutional & foreign interest led by blue-chip oil and cement stocks led the market on a bull run ahead of key quarter end earning announcements due next week. Report of expected approval of rise in natural gas by 30pc and hopes for early announcements on revised CGT implementation affected the sentiments.
Higher global commodities, rising local and export cement prices, expectations for stronger quarter-end results played a catalyst role in bullish sentiments at KSE, he added.
KSE Allshare-index added 39.10 points or 0.40 percent to end the day at 9749.45 points, KSE 30-share index increased by 2.21 points or 0.02 percent to close the day at 12183.37 points while the KMI 30-share index gained 31.42 points or 0.13 percent to end the day at 23820.54.
Stock market traded 433,019 million shares after opening at 457,944 million shares. Trading took place in 362 companies where gainers managed strong lead over the losers by 179 to 115 while the values of 68 stocks remained unchanged.
Dewan Cement was the top traded company of the day with 36,584 million shares as it closed at Rs 6.70 after opening at Rs 5.72. World Call Telecom was second highest traded company of the day, gained Re 0.5 to end the day at Rs 3.96 with 34,388 million shares. It was followed by Pace (Pak) Ltd, traded 32,114 million shares achieved Re 0.43 to finish at Rs 3.71, Summit Bank Ltd added Re 0.48 to end at Rs 4.63 with 22,468 million shares and Jahangir Siddiqi Company firmed Re 0.85 to close at Rs 20.93 with 19,209 million shares.
Nestle PakXD and Bata (Pak)SPOT were the highest price gainers of the day, increased by Rs 102.01 and Rs 31.15 while the top losers were led by UniLever Pak LtdXD and Tri-Pack Films XD, down by Rs 104 and Rs 5.76 respectively.
APP adds from Islamabad: Islamabad Stock Exchange on Friday witnessed bullish trend as the ISE 10-index went up by 19.65 points to close at 2846.77 points.
Stock Analyst of Ismail Iqbal Pvt Ltd Jeewan told APP that the foreign buying especially in the oil sector helped the market to close in green zone. He said that the Oil and Gas Development Corporation (OGDC) remained favourite scrip for the investors. “Byco Petroleum remained top traded in the market because of its expansion in the refinery capacity and approval of the extension of the tax holiday facility up to the end of 2012 by the Economic Coordination Committee (ECC)”, he added.
He added that besides that the turnover in the markets had witnessed an increase against the previous day because jobbers had taken positions especially in cement sector for day-trade.