Bourse ends flat despite Eurobond success

According to The Express Tribune, the KSE-100 index finished Thursday only 153.09 points, or 0.09 per cent, higher at 174,929.69 on the Pakistan Stock Exchange. Early in the session the index was up by over 1,000 points, but profit-taking eroded that advance as the day went on. Trading was choppy, leaving the benchmark with only a narrow gain.

Investors stayed cautious as higher international oil prices, tied to continuing geopolitical tensions, stirred worries about import costs, inflation and the external position. A $3 billion dual-tranche Eurobond, which drew offers close to $6 billion, gave sentiment some support. Pakistan raised the money in a single deal, its biggest international bond issuance to date.

Topline Securities said Bank AL Habib, UBL, PPL, Service Industries and Attock Refinery together pulled the index down by 196 points. Lucky Cement, NBP and Engro Holdings offset part of that, adding 167 points. Trading volume reached 627.45 million shares worth Rs25.19 billion, and 252 stocks closed higher against 207 that fell.