KARACHI: The stock market after starting the current week with losses on Tuesday showed strong signs of recovery on the back of positive news from the political and economic front. However, the selling pressure due to profit-taking and stop-loss strategy forced the market to close the day marginally in negative.
The Karachi Share Index (KSE-100) ended the day 25.38 points (0.05 per cent) down at 47,987.14 points against the previous closing of 48,012.52 points. The market went as high as 48,154.80 points during intra-day trading, while recorded as low as 47,932.03 points.
Trading volumes inclined to 610.7 million shares today, as compared to 839.18 million shares during last trading day, while the daily traded value declined to Rs15.5 billion from Rs15.87 billion in the previous session, the data said.
It seems the market resisted fall below 48,000 points levels, traders and analysts said. After yesterday’s fall the index bounced back because of positive news, such as an increase in exports and clearance on US-Pakistan relations, that helped support market sentiments today, they added. However, early gains provoked investors to book profits in late hours of the trading that lead to some decline by the end of the day. The flow of positive news and potential support around the current levels is expected to help market recover fast in next few sessions, they added.
According to the data issued by the Pakistan Bureau of Statistics (PBS) exports from Pakistan increased by 16.42 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year.
The share price of Unilever Foods increased by Rs790 to Rs16,500, while Bata Pakistan gained Rs48.95 to Rs1,749.95. On the other hand, Pakistan Services lost Rs68.26 today to close at Rs841.86 while Sapphire Textile lost Rs31.60 to close at Rs895.