KARACHI – The local equity market closed slightly higher on Tuesday amid thin trade on easing political concerns and hopes for improvement in Pak-US ties, analysts observed.
Market expert Ahsan Mehanti said institutional support in blue-chip stocks across the board ahead of year-end close played a catalyst role in bullish sentiments despite concerns over security situation in the city and uncertainty in global stocks and commodities on prevailing euro-zone debt crises.
KSE-Allshare index rose 6.72 points or 0.07 percent to end the day at 9615.66 points, KSE 30-share index rose 4.86 points or 0.04 percent to close the day at 11779.67 points while KMI 30-share index closed 17.69 points or 0.07 percent higher at 23614.06 points.
Equity dealer at Topline Securities Samar Iqbal said mixed trend was seen at local bourses. “Though volumes remained low some interest was seen in oil stocks like OGDC and PSO. DGKC and HUBCo were amongst the volume leaders. Market is waiting for any triggers on the US-Pak relationship and the movement of Pak currency,”Samar added.
Volume of business rose to 57.989 million shares on Tuesday from 56.825 million shares of the previous day while the trading value climbed to Rs 2.005 billion from Rs 1.863 billion. Market capitalization slightly settled at Rs 3.484 trillion as compared to Rs 3.482 trillion of the previous day.
Trading took place in 353 companies where losers outnumbered the gainers by 163 to 105 while the values of 85 stocks remained intact. The highest gain was noted in Unilever Food, up by Rs 111.00 to Rs 2825.00, followed by Rafhan Maize Product, increased Rs 71.48 to Rs 2932.67. Exide (PAK) and Sanofi-Aventis Pak were the biggest losers of the day, down by Rs 9.30 to Rs 178.97 and Rs 7.92 to Rs 173.07.