KSE gains 18 points on hopes of better earnings

The Karachi stock market closed in the green zone on the last trading day of the week Friday as speculations over upcoming corporate earnings announcements in blue chips triggered institutional buying.

The Karachi Stock Exchange (KSE) 100-share index gained 18.36 points or 0.15 percent to close at 12,231.60 points as compared to 12,213.24 points of the previous session.

The KSE 30-share index was up by 10.43 points to close at 11,415.20 points as compared with 11,404.77 points.

Analysts said the index moved in a narrow range and managed to close above day’s low despite concerns over economic uncertainty after the International Monetary Fund’s (IMF) warnings on rising fiscal deficit and need for higher policy rate due to be announced this weekend.

The market turnover dropped 22.99 percent and traded 107.14 million shares from its opening at 139.14 million shares.

The overall market capitalisation rose 0.09 percent and traded Rs 3.185 trillion as against Rs 3.182 trillion.

Losers outnumbered gainers 127 to 108, while 71 stocks were unchanged.

From: Daily Times