Banking stocks in limelight at KSE
Following the three consecutive bulls dominated trading sessions, the Karachi Stock Exchange on Friday witnessed due profit taking session as the benchmark KSE-100 shares index shed 50 points. The benchmark slightly moved downwards by 0.18 percent to land in red. The market closed at 27116.13 points. The capital market witnessed 27299.05 points at day high, while the day low was recorded above 27 K level at 27088.78 points.
Banking sector lead the volume traded on the day. The Bank of Punjab remained volume leader with 22 million shares, followed by summit Bank with trade of 10 million shares and the Faysal Bank with trading volume of 8.9 million shares.
Losers beat gainers with a minimal margin as 150 companies' shares rate gained positive momentum, against rate of 185 companies adopted a downwards trend. Total 354 companies' shares were trad- ed on the day out of which 27 companies' shares rates remained unchanged. The market turnover decreased by 84 million shares to be clocked in at 170 million shares compared to 254 million shares on the previous trading session.
The trading value of shares also reduced notably to Rs 7.2 billion from Rs 11 billion on previous trading session. The market capitalization remained Rs 6.5 trillion. Commenting on the trading at capital market, senior analyst Samar Iqbal said, "After increasing by 775 points in last 3 sessions, some profit taking was seen which pushed index by 50 points to close at 27,116." She added that profit taking was seen in oil and cement stocks while banking stocks like MCB and UBL continued to rally. Bank of Punjab remained most active scrip with 22mn shares followed by Summit Bank with 10mn shares and FABL with 9mn shares. Volumes declined by 33% as roll over came to end. Of 354 active companies, 150 closed in positive while 185 witnessed decline in share price.