KARACHI (November 22 2008): Some selective buying supported the benchmark KSE-100 index to move up to close at 9,187.10 points level with a net gain of 3.01 points. "After remaining unchanged for many days, the index witnessed a positive change mainly due to some buying in select stocks", analyst said.
However, trading activities remained dull as the volume at the ready counter declined to 81,100 shares as compared to 109,900 shares traded a day earlier. No trading was witnessed at the futures counter. The overall market capitalisation declined by Rs 261 million to stand at Rs 2,826.213 billion. Out of the total ten active scrips, two closed in positive and four in negative while the value of four scrips remained unchanged.
National Assets was the overall volume leader with 26,000 shares, however, it lost Re. 0.03 to close at Re. 0.44. TRG Pakistan remained unchanged at Rs 3.82 with 23,500 shares. Standard Chartered Modaraba closed at Rs 9.00 without any change with 14,000 shares. Habib-ADM Limited lost Re. 0.02 to close at Rs 9.68 with 12,500 shares. Millat Tractors remained unchanged at Rs 163.92 with 2,000 shares.
Southern Electric gained Re. 0.03 to close at Rs 3.63 with 1,500 shares. Telecard remained unchanged at Rs 3.70 with 500 shares. Mukhtar Textile lost Re. 0.04 to close at Re. 0.60 with 500 shares. Mirza Sugar declined by Re. 0.04 to close at Rs 1.81 with 500 shares. Pak Services surged by Rs 25.17 to close at Rs 528.67 with 100 shares.
Ahsan Mehanti at Shehzad Chamdia Securities said that the index witnessed an increase of three points mainly due to fresh buying in Pak Services. The depressed activity continued as global equity markets rattled on recession expectation looming over US and Japan. Fear of foreign selling, depleting foreign exchange reserves, uncertainty over capital market bail out plan, economic uncertainty and prevailing law and order situation in the country remained a concern for investors.
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