karachi

Karachi stock market on Wednesday witnessed dull and lackluster trading activities due to year end. As a result, the benchmark KSE 100-share index rose by just 13 points to close at 32825.03 points.
Holiday mood prevailed at local equity market with index moving in narrow band with below average volume, commented Muhammad Rizwan, head of sales at Topline brokerage.
Both local and foreign investors were not active due to ongoing year end holiday season. Some accumulation was seen in cement stocks in anticipation of better profits due to falling input prices like coal and power rates. Mari rallied by 3% after reports that Mari petroleum will receive higher prices for new discoveries, analysts said.
Total volume decreased by 45% to 79m shares as compared to 144m shares of Tuesday while traded value also declined by 40% to Rs 5.1b from Rs8.5b.
Major activity was witnessed in the stocks of TRG, Pak Elektron and Jah Sidd Co with volumes of 8.8m shares, 8.2m and 3.7m shares respectively.
Of total 326 traded companies in session, 164 concluded in advance, 147 in declines whereas 15 remained unchanged.