Pakistan bourse edges up on declining coal prices

KARACHI: The Pakistan bourse witnessed a rollercoaster ride on Friday due to the rising political temperature in the country.
The Index opened in the red territory due to the political unrest and further rupee depreciation against dollar. The market remained volatile throughout the day, an analyst at Arif Habib Limited said.
“However, a rally in UBL and MCB was witnessed due to the expectation of foreign selling spree in the banking sector getting over. The cement sector remained in the limelight due to a decline in the international coal prices. In the second session, value buying was witnessed which led the index to close in the green zone,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.50 per cent, or 223.28 points, to close at 45,152.11 points. The KSE-30 shares Index gained 0.71 per cent, or 120.81 points, to close at 17,238.29 points.
As many as 364 scrips were active of which 183 advanced, 149 declined and 32 remained unchanged.

Going forward, the analysts recommend investors to avail any downside as an opportunity to buy in the cement, banking, tech and textile sectors.
The ready market volumes stood at 389.11 million shares, compared with the turnover of 415.63 million shares in the last trading session.
The companies which reflected the highest gains included Nestle Pakistan(XD) up Rs73.30 to close at Rs5,892.03/share, and Sapphire Tex up Rs67.96 to close at Rs1,008.52/share.
The companies that reflected the most losses included Bata (Pak) down Rs122.41 to close at Rs2,304.02/share, and Colgate Palm down Rs99.99 to close at Rs2,200.01/share.
The highest volumes were witnessed in Telecard Limited with a turnover of 35.43 million shares. The scrip gained 26 paisas to close at Rs14.43/share, followed by TPL Properties with a turnover of 26.36 million shares. It gained 62 paisas to close at Rs20.82/share. Treet Corp remained the third with a turnover of 24.86 million shares. It gained 47 paisas to finish at Rs34.40/share.