KARACHI: The stock market had a strong start on Friday due to positive export numbers and optimism about a potential decrease in interest rates. However, uncertainty about debt rollovers and the approval of the IMF’s new bailout led to selling pressure later in the day, erasing most of the early gains. Nevertheless, the benchmark KSE 100 index eke out gains despite aggressive foreign selling.

Ahsan Mehanti of Arif Habib Corporation said buying in second and third-tier scrips helped the index close the weekend session in the green with a meagre gain amid speculations over the SBP policy rate announcement on Sep 12.

He added that the apex court ruling favouring the government in the NAB amendment case and strong export performance, poting 14 per cent growth in August, also played a role in the positive close.

Topline Securities Ltd said the market witnessed a range-bound session as it traded between its intraday high of 391 points at 79,254.25 and low of 54 points at 78,917.29.

Significant positive contributions to the index came from Kohat Cement, Mari Petroleum, Bank Alfalah, National Bank and MCB Bank, which cumulatively added 42 points. Conversely, Mee­zan Bank, Engro Corpo­ration, Fauji Fertiliser, Habib Metro­politan Bank and National Foods lost value to weigh down the index by 30 points.

However, the KSE index closed the session at 78,897.73 after adding 34.38 points or 0.04pc day-on-day.

Stocks contributing significantly to the traded volume included WorldCall Telecom (133.25m shares), Pace Pakistan (80.98m sha­res), Fauji Foods (46.70m shares), Kohinoor Spinning Mills Ltd (44.99m shares) and Pak Elektron (32.95m shares).

The shares registering the most significant increases in their prices in absolute terms were Hallmark Company Ltd (Rs98.21), Nestle Pakistan (Rs82.50), PIA Holding Ltd [B] (Rs44.95), Mari Petroleum (Rs41.23) and Kohat Cement (Rs28.90).

The companies registering significant losses in their share prices in absolute terms were Unilever Foods (Rs200.00), First Imrooz (Rs17.22), Exide Pakistan (Rs14.64), Pakis­tan Services (Rs13.55) and Rafhan Maize (Rs11.02).

Foreign investors turned net sellers as they offloa­ded shares worth $4.05m.

Published in Dawn, September 7th, 2024

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

Opinion

Editorial

Electricity relief
05 Apr, 2025

Electricity relief

FINALLY, some tangible relief. With the worst of the inflationary storm now behind us, the government’s decision ...
Trump’s trade wars
05 Apr, 2025

Trump’s trade wars

THE so-called reciprocal tariffs rolled out recently by American President Donald Trump have expanded his vicious...
Legalised land grab
05 Apr, 2025

Legalised land grab

THE Modi government has passed a new bill targeting the Muslim community, this time eyeing swathes of priceless real...
More than words
Updated 04 Apr, 2025

More than words

Holistic development can only work when there is organic and credible political activity in the province.
Poor publicity
04 Apr, 2025

Poor publicity

FORTUNE does not seem to be favouring the PTI — at least not yet. With the party’s founder confined from public...
Party pooper
04 Apr, 2025

Party pooper

INDIA’s role of a spoilsport is tiresome. From pulling books from shelves, such as Wendy Doniger’s The Hindus: ...