KARACHI: Volatility remained continued at the Karachi Stock Exchange during afternoon trading on Friday, as the 100 index after reversing the initial losses of 27.96 points or 0.08 percent from 33734.84 points, advanced to 33792.02 with positive change of 29.22 points or 0.09 percent.
Similarly the market remained volatile to close at 33,763 levels down by 82.50 points or 0.24pc on Thursday. In banking sector, NBP remained in the limelight as the bank announced its year- end result, EPS of Rs7.06 and dividend of Rs5.5/share, in line with the expectations.
Dealers said Karachi stocks fell as traders booked profits from last week’s rally, while the lackluster performance witnessed in recent trading sessions also reflects rollover week in future contracts. They added that the investors booked profits in an overbought market, but losses were restricted as there was buying in the banking stocks. Cement stocks witnessed some profit taking as investors expecting lower dispatches for this month.
Meanwhile, future contracts rollover and weaker earnings outlook in oil, banking and cement sector on falling international oil prices, lower banking spreads and thin cement makers margins were witnessed.
An expert said that sentiments remained weak amid consolidation in blue chip stocks and institutional support in blue chip banking stocks after strong results and record cash payout announced by National Bank. However, the High and Low were 33829.20 and 33641.18 while the total volume traded in the market was 60,422,220.
