KARACHI: On the last day of 2020 the KSE-100 Index gained 60.62 points owing to selling pressure from the institutions and investors. Otherwise the market remained positive throughout the day.

The Karachi Share Index (KSE-100) closed up by 60.62 points (0.14 per cent) after closing at 43,755.38 points against the previous closing of 43,694.76 points. The market went up 43,891.06 points during intra-day trading, while it was recorded as low as 43,667.76 points.

Trading volume increased to 578.2 million shares today as compared to 455.9 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 23.780 billion from Rs 22.632 billion in the previous session, the data said.

According to the market analysts, the benchmark KSE-100 Index capped off an extraordinary year (pandemic and consequent economic challenges) with a return of 7.41% in 2020 driven by a robust price performance by the technology, cyclical and consumer discretionary sectors (Cements, Autos, Textiles, etc).

Last trading day of the year exhibited volatility as likely institution and retail profit taking kept price performance in check, analysts said.

In term of volumes, the overall market traded 730 million shares (up 25% DoD) where FFBL recorded the highest volumes for the day with 37 million shares traded followed by TRG (35 million shares traded) and PIBTL (31 million shares). Major contribution to the index came from HUBC (up 2.12%) while BAHL was the biggest drag on the index (down 2.40%).

The share of Unilever Food increased by Rs 500 to Rs 14,000 while Murree Brewery gained Rs 25.64 to Rs 627.42. Similarly, Nestle Pakistan lost Rs 179.99 today to close at Rs 6,665.01, while Premier Suger lost Rs 33.00 to close at Rs 446.00.

The author is a senior business reporter with bylines in leading newspapers and magazines across Pakistan.


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