KARACHI, Feb 1: Stocks ended higher on Friday as local investors indulged in aggressive buying amid hopes of strong corporate profits for the December-end quarter, but the market closed below its intraday high owing to foreign selling, dealers said.
The KSE 100-share index ended 0.14 per cent, or 23.49 points, higher at 17,266.23 points. It traded in a very narrow range as it made an all-time high at 17,280.94 and low at 17.215.99.
Turnover decreased by almost half to 142.38 million shares, compared with 272.74m shares traded on Thursday and trading value also fell to Rs3.92 billion from Rs6.05bn in the previous trading session.
However, market capitalisation was marginally higher at Rs4.33 trillion, from Thursday’s Rs4.32tr.
“Engulfed with uncertain external factors, the local equities traded in a narrow band, result sensation and attractive valuations however did succeed in keeping the panic away.
Despite mixed views on the monetary stance in the upcoming review low price cement stocks, those have been the beneficiaries of the declining interest rates as has been reflective in the financial results, led the turnover, while frontline stocks from financial and textile sector kept the gains intact on renewed flows, thus allowing the benchmark to maintain the attained levels, after initial negativity," said Hasnain Asghar Ali from Escorts Capital Ltd.
Dealers said investors were also cautious ahead of the monetary policy announcement which is due on Feb 8. Foreign selling was witnessed as foreigners sold shares worth $4.01 million on Friday after buying a net $3.78m on Thursday. The total for January stood at net $15.42m.
On a week-on-week basis, the market closed one per cent higher, with a fresh all-time high and a record closing.
“Banking, cement and telecom sectors remained in the limelight in anticipation of healthy earnings for December results. While Attock group and Lucky Cement failed to entice investors after their result announcement.
Key highlights of the week remained gas load management plan by Economic Coordination Committee and CPI for January. Going forward, result announcement from PPL and MCB Bank and monetary policy will remain key driver of the market for a shorter week," said Samar Iqbal, a dealer at Topline Securities Ltd.
The biggest gainer was Exide Pakistan which ended Rs16.02 higher at Rs336.61, followed by Millat Tractors which closed Rs13.24 higher at Rs639.69. Indus Dyeing witnessed the biggest loss as it shed Rs33.10 to Rs628.90, followed by Siemens Pakistan, which ended Rs14.44 lower at Rs605.56. The KSE-30 index ended 0.15pc, or 21.81 points, higher at 14,106.66.
Out of the 325 companies traded, the value of 142 increased, 168 decreased while 15 remained unchanged.
The second and third tier companies dominated the 10 most active traded stocks: Maple Leaf Cement topped the list as it ended 85 paisa higher at Rs17.90 on turnover of 22.7 million shares, Fauji Cement fell marginally 2 paisa to Rs7.99 on 10.32m shares and Byco Petroleum rose 19 paisa to Rs14.13 on 8.17m shares.
Sui North Gas shed 49 paisa to Rs22.85 on 7.06m shares, Lotte Pakpta ended 12 paisa lower at Rs7.34 on 5.62m shares and Bank Alfalah increased by 23 paisa to close at Rs18.72 on 4.9m shares.
Telecard Ltd ended one paisa lower at Rs3.65 on 4.87m shares, Pace (Pakistan) shed 4 paisa to Rs3.11 on 4.77m shares but KESC gained 3 paisa to Rs6.10 on 3.61m shares. Engro Corp shed Rs1.20 to Rs92.90 on 3.68m shares.