KARACHI: Stocks closed flat on the last trading day of the week in a volatile session on Friday. The KSE-100 index ended 7 points down at 31,993.01 points after trading in a range of 206 points, on lower turnover.

Analyst Fahad Hussain Khan at brokerage Adam Securities stated that the 32,200 points had proved strong resistance as the bulls had retreated twice from that level. Market was thought to be reaching an overbought condition and brokers said that little breather was positive for continuation of upward journey.

Oil and gas sector saw 11 out of 13 stocks finish in the red on Friday.

Analyst Arhum Ghous at JS Global observed that Engro remained in the limelight as it spiked up by 3.4pc due to reports of the ECC approving proposed agreement between TPS Guddu and Engro for use of 60mmcfd gas from Mari by Engro till Dec 2015.

In the banking sector, BAFL spiked up by 2.8pc, following reports of receipt of subscription amount in equity investment from International Finance Corporation. Textile sector remained under pressure as FBR was thought to be reviewing proposal to charge sales tax on the supply of natural gas to manufacturers-cum-exporters of textile.

Foreign investors sold stocks worth $1.31m on Friday. Yet over the week, the market saw foreign investors’ portfolio inflow of $7.8m against outflow of $30m the previous week.

The KSE-100 index gained 3.4pc over the week with oil and gas and banking sector leading the charts, the former gained on relatively stable international oil prices.

Other key highlights of the week were increase in textile exports by 13.0pc in Nov YoY, while oil imports were down 25.6pc YoY in Nov 2014, the Nov 2014 current account deficit clocked in at $475m.

Published in Dawn, December 27th, 2014