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KARACHI: The benchmark KSE-100 index gained 60.62 points on Thursday to close the year 2020 at 43,755, which was about the same as closing at the 30-month high of 43,767 points seen on the 17th of this month. On an annualised basis, the index provided a return of seven per cent.
Trading started in the positive and the index rose to intra-day high by 195 points only to move back and forth for the rest of the day. Traders said that institutional investors resorted to mark-to-market activity besides booking profit on positions taken earlier to improve half-year and full-year financial results.
Some relief on the Covid-19 was seen due to a stable number of new infections and reports that Pakistan was to purchase 1.2 million vaccine doses from China’s Sinopharm.
Traded volumes increased 27pc over the earlier day to 578.2m shares. Traded value also increased by 5pc to reach $148.8m. Pakistan Refinery topped the volumes with 41.4m shares. Foreign investors stood aside on Thursday while banks sold $4.4m worth of stocks to window-dress the profit and loss account.
Individuals said farewell to the year with purchases of $6.12m worth shares. Brokers also took fresh positions in shares valued at $2.47m.
Sector-wise technology and communication and refinery stocks were most sought after. Some pressure was observed from banks and exploration & production sectors as the day progressed.
Investor interest was seen in the cement stocks where Lucky Cement (LUCK), Maple Leaf Cement Factory (MLCF), Kohat, D.G. Khan and Fauji Cement closed in the green. Cement sector took cue from the Prime Minister’s announcement of extending the real-estate amnesty scheme and fixed tax regime till Dec 2021.
Scrip-wise, stocks that carried the index higher included Hub Power Company, United Bank Ltd, LUCK, MLCF and MCB Bank Ltd, as they cumulatively contributed 101 points to the index while Bank Al Habib Ltd, Meezan Bank Ltd, Nestle Pakistan, Engro Corporation and Pakistan State Oil dragged the index down by 70 points.
Published in Dawn, January 1st, 2021
