karachi - The KSE 100-share index Friday juggled throughout the day between red and green zone to finally close 15 points in the negative at 34,657 with volumes of over 257 million shares.

The star performing stock of the day was HCAR which gained 5% and hit its upper limit as investors confidence increased due to record high sales in Jan-2015. Throughout the day, the cement sector rallied up on market’s expectation of better upcoming cement dispatch numbers as MLCF appreciated by 4.6%, FCCL went up 4.0%, ACPL rose 2.3% and PIOC grew 1.3%, ending up as major gainers, analyst Muhammed Mobeen said.

Stocks closed bearish amid thin trade in a volatile session at KSE on institutional profit-taking in overbought market.

Pressure remained in banking stocks on falling banking spreads and lower interest rates despite expectations for a positive outcome of IMF approvals on release on $518m tranche in the 6th review of $6.67 Extended Fund Facility.

Speculations on strong earnings expected in textile and cement stocks supported the index to close above session lows, observed analyst Ahsan Mehanti.

Total 368 active trading companies in the session, 182 were advancers, 164 decliners while 22 remained unchanged.

Fauji Cement was the volume leader in market with 20.36m shares and price per share Rs32.41, followed by Pak Int. Bulk with 17.48m shares and price per share Rs41.57 and Maple Leaf Cement with 16.78m shares and price per share Rs56.68 were in spotlight in market.

Unilever with per share price Rs8820.00 (420.00) and Service Ind Ltd with per share price RS975.00 (24.85) were among top gainers in market.  While Rafhan Maize with price per share Rs11100.00 (-533.00) and Exide Pak with per share price Rs1730.00 (-20.79) were among top losers in market. The market sustained its bullish momentum as the benchmark KSE-100 index crossed the psychological barrier of 35,000 during the week. However, profit taking at these levels led to KSE-100 to close at 34,657 appreciated by 0.6% WoW, with average trading volumes increasing by 10% WoW to 328mn shares/day.  Market optimism was fueled by soft Jan-2015 CPI inflation reading of 3.88% YoY, Pakistan successfully completing IMF’s sixth review for the release of US$518mn and cut in National Savings rate by 150bp.  

Sharp pull-back in international crude oil prices helped Oil & Gas sector to gain 3.4% WoW whereas Telecom and Pharmaceutical sectors underperformed the market, observed analyst Raheel Ashraf.