KARACHI: The stock market on the last trading day of the week managed to extend the overnight gains despite investor concerns over late-night massive hike in petroleum prices stoking fears of further increase in inflation.

It added that activity continued to remain side-ways as market witnessed hefty volumes in the third-tier stocks.

However, the market opened trading in plus on Friday amid optimism that the government is likely to strike a deal with the IMF for the release of next tranche and this was well reflected in the bullish trend as the benchmark KSE 100 index hit an intraday high of 389 points.

But across-the-board profit-taking mainly led by technology sector in the second session brought down the early gains and the index closed at 47,296, up by 76.62 points or 0.16 per cent over the last closing.

Foreigners continued offloading their positions and sold shares worth $1.19m followed by the mutual funds, but individuals were major buyers and picked up shares worth $3.44m.

Arif Habib Ltd in its report observed that the cement sector led the rally due to rumours of price hike in the upcoming week. Cement and banking stocks contributed the most in the bull-run.

Major contribution of 102 points to the index came from United Bank Ltd, Habib Bank Ltd, MCB Bank, Oil and Gas Development Com­pany Ltd and Poineer Cement.

On the flip side Fauji Fertiliser Company, TRG, System Ltd, Pakistan Oil Ltd and Thal Jute wiped out 124 points from the index.

Out of total 533 listed shares, 180 managed to close higher over the previous day levels while 164 failed to maintained their overnight values and just 19 scrips showed no change in their prices.

The trading volume decreased 16.4pc to to 469.9m shares from 561.9m shares a day ago. The average trading value also fell by 0.4pc to $93.8m from $94.17m.

Stocks that contributed significantly to the volume include WorldCall Ltd, Ghani Global Holdings, Telecard, First National Equities Ltd and Hascol Petroleum.

Published in Dawn, November 6th, 2021