Bank­ing stocks in lime­light at KSE

The Pak Banker - - FRONT PAGE -

Staff Re­porter

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.

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