KARACHI: The representative index of major shares traded in the positive zone on Friday mainly because of the State Bank of Pakistan maintaining its policy rate at 22 per cent against the street consensus of a hike of more than 100 basis points.

Topline Securities said the upswing in share prices was followed by some profit-taking towards the end of the trading session.

According to Arif Habib Ltd, the 46,000-point level remained elusive all week long as the KSE-100 index declined 0.7pc on a week-on-week basis.

No change in the policy rate led to a strong opening on the bourse but some selling in the wake of a rebalancing of the Financial Times Stock Exchange Index capped the market gains.

Big players in the cement segment posted large increases while banking shares saw declines.

As a result, the KSE-100 index settled at 45,753.52 points, up 103.46 points or 0.23pc from the preceding session.

The overall trading volume increased 61pc to 222.5 million shares. The traded value increased almost 300pc to Rs11 billion on a day-on-day basis.

Stocks contributing significantly to the traded volume included MCB Bank Ltd (27.2m shares), Maple Leaf Cement Factory Ltd (24.6m shares), Nishat Chunian Power Ltd (13.9m shares), WorldCall Telecom Ltd (8m shares) and Pakistan Petroleum Ltd (8m shares).

Companies registering the biggest increases in their share prices in absolute terms were Pakistan Services Ltd (Rs49.98), Mehmood Textile Mills Ltd (Rs40.50), Lucky Cement Ltd (Rs18.84), Colgate-Palmolive Pakistan Ltd (Rs11.47) and Pakistan Hotels Developers Ltd (Rs9.95).

Companies that recorded the biggest declines in their share prices in absolute terms were Bata Pakistan Ltd (Rs37.98), Lucky Core Industries Ltd (Rs22.41), Murree Brewery Company Ltd (Rs21.46), Shifa International Hospitals Ltd (Rs9.40) and KSB Pumps Company Ltd (Rs6.93).

Foreign investors were net sellers as they offlo­aded shares worth $7.05m.

Published in Dawn, September 16th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Unyielding onslaught
12 Jun, 2024

Unyielding onslaught

SEVEN soldiers paid the ultimate price in Lakki Marwat on Sunday when their vehicle was blown up in an IED attack,...
X diplomacy
Updated 12 Jun, 2024

X diplomacy

Both states can pursue adversarial policies, or come to the negotiating table and frankly discuss all outstanding issues, which can be tackled through dialogue.
Strange decisions
12 Jun, 2024

Strange decisions

THE ECP continues to wade deeper and deeper into controversy. Through its most recent decision, it had granted major...
Interest rate cut
Updated 11 Jun, 2024

Interest rate cut

The decision underscores SBP’s confidence that economic stability is gaining traction.
Rampant zealotry
11 Jun, 2024

Rampant zealotry

Decades of myopic policies pursued by the state have further aided the radicalisation of significant portions of the population.
Cricket breakdown
11 Jun, 2024

Cricket breakdown

THERE was a feeling that Pakistan had finally turned the corner in their T20 World Cup campaign. Sadly, it was only ...