KARACHI – The benchmark KSE-100 index reversed the early trading gain and reached 34273.24 points after losing 56.26 points or 0.16 percent till the mid day trading on Thursday.
In the early trading of the same day, the index had edged up 53.61 points or 0.16 percent. The High and Low were 34411.78, 34159.70 respectively. Earlier, an expert had said Pakistan equities opened positive and continued to perform as bulls sailed over the projected technical resistance. However, late profit-taking dragged down the index.
In over 5 years, as per an expert, turnover in wider market witnessed a sharp improvement with most value traded on KSE-100. Momentum was primarily driven by fertilisers.
After the earlier gain, the experts saw the upward trend due to investors’ enthusiasm in expectation of cut in benchmark policy rate and better December quarter earnings. However, the Karachi Stock Market is likely to exhibit cheerful moods as the earnings season nears kick-off.
Nevertheless, the expected resolution to recent fuel shortage issues likely to benefit second tier OMCs and oil refineries because of local demand, speculations ahead of new auto policy 2014-9, reports for rising urea dispatches by FFC and its higher expected dividend income from subsidiaries played a catalyst role in positive activity at KSE.
