KARACHI: The KSE-100 index hit an intraday high of 480 points on Thursday as investors welcomed the announcement of $3 billion Saudi deposit rollover.
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However, the momentum came to a halt soon as sceptical investors resorted to profit-booking, causing the index to close on a rather flat note, said Topline Securities Ltd.
Thursday also marked the last trading session of November in which the KSE-100 index rose by as much as 16.6 per cent on a month-on-month basis. The unusually high return made it the highest monthly gain in 43 months.
The brokerage attributed this gain to the staff-level agreement with the International Monetary Fund for the second tranche of the ongoing nine-month Stand-by Arrangement, decline in the yields of government papers and an increase in the quantum of foreign corporate buying on the exchange.
As a result, the KSE-100 index closed at 60,531.27 points after gaining 29.27 points or 0.05pc from the preceding session.
The overall trading volume decreased 32.5pc to 467.1 million shares. The traded value decreased 30.6pc to Rs18.7 billion on a day-on-day basis.
Stocks contributing significantly to the traded volume included Fauji Foods Ltd (34.5m shares), Fauji Fertiliser Bin Qasim Ltd (33m shares), WorldCall Telecom Ltd (28m shares), Fauji Cement Ltd (18.7m shares) and Dewan Cement Ltd (17.4m shares).
Companies registering the biggest increases in their share prices in absolute terms were Unilever Pakistan Foods Ltd (Rs400), Ismail Industries Ltd (Rs86.78), Millat Tractors Ltd (Rs40.86), Pakistan Hotels Developers Ltd (Rs33.23) and Indus Motor Company Ltd (Rs32.24).
Companies registering the biggest decreases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs191.50), Mari Petroleum Company Ltd (Rs42.32), JDW Sugar Mills Ltd (Rs26.50), Blessed Textiles Ltd (Rs25.72) and AKD Hospitality Ltd (Rs12.91).
Foreign investors were net buyers as they purchased shares worth $4m.
Published in Dawn, December 1st, 2023