KARACHI: Despite border tensions with India and political uncertainty in the country throughout this week, the KSE-100 index closed positive after gaining 101.81 points on Thursday.
The Karachi Share Index (KSE-100) went up by 101.81 points (0.24 per cent) after closing at 42,306.84 against the previous closing of 42,204.03 points. The market went up to 42,439.76 points during intra-day trading, while recorded as low as 42,119.86 points.
Trading volume slightly improved to 472.3 million shares today as compared to 438.1 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 19.322 billion from Rs 18.9 billion in the previous session, the data said.
According to the AKD analyst, the market remained range-bound today as escalating tensions on the eastern border kept gains in check. People are talking about border tension, while Inter-Service Public Relation (ISPR) and the foreign ministry spokesman have also issued statements in this regard.
The analysts further claimed that the resignation issue of the opposition also gave a negative impact on the market while the COVID-19 patients are also increasing daily. The market opened on a positive note and touched almost 42,439 points today, but after midday, it started declining.
In this regard, intra-day gains driven by an interest in selective financials, tech, fertilizer, and foods were undercut by profit-taking in energy (oil & gas and power), the analyst claimed.
In term of volumes, the overall market traded 601 million shares (up 6% DoD) where PIBTL recorded the highest volumes for the day with 50 million shares traded.
ENGRO contributed the most to the index decline (0.90%) while FFC provided the biggest boost (2.02%) to the benchmark.