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

From hard to harder

From hard to harder

Instead of ‘hard state’ turning even harder, citizens deserve a state that goes soft on them in delivering democratic and development aspirations.

Editorial

Canal unrest
Updated 03 Apr, 2025

Canal unrest

With rising water scarcity in Indus system, it is crucial to move towards a consensus-driven policymaking process.
Iran-US tension
03 Apr, 2025

Iran-US tension

THE Trump administration’s threats aimed at Iran do not bode well for global peace, and unless Washington changes...
Flights to history
03 Apr, 2025

Flights to history

MOHENJODARO could have been the forgotten gold we desperately need. Instead, this 5,000-year-old well of antiquity ...
Eid amidst crises
Updated 31 Mar, 2025

Eid amidst crises

Until the Muslim world takes practical steps to end these atrocities, these besieged populations will see no joy.
Women’s rights
Updated 01 Apr, 2025

Women’s rights

Such judgements, and others directly impacting women’s rights should be given more airtime in media.
Not helping
Updated 02 Apr, 2025

Not helping

If it's committed to peace in Balochistan, the state must draw a line between militancy and legitimate protest.