Benchmark KSE 100-share Index drops 41.14 points. PHOTO: FILE
At close, the Pakistan Stock Exchange (PSX) benchmark KSE 100-share Index rose 106.39 points, or 0.27%, to finish at 39,506.58 points.
Elixir Securities, in its report, stated turnover was considerably lower owing to the ongoing futures rollover week, lack of triggers and no serious institutional flows in index names; only $44 million worth of shares exchanged hands on the benchmark KSE-100 index, down 12% versus Tuesday.
“Start to the day was on a positive note as index-heavy exploration and production provided early support tracking higher global crude, however, the wider market struggled to find a clear direction and traded listless in absence of a concrete buying interest,” said analyst Ali Raza.
“Hub Power (HUBC +0.2%) and Cherat Cement (CHCC -0.67%) closed little changed after their earnings came in-line with expectations.
“On the other hand, Oil & Gas Development Company (OGDC +1.2%) surged in the last five minutes of trading and contributed most points to benchmark index as the company surprised investors with a cash pay-out of Rs2/share,” said Raza.
“Overall, activity was focused in small and mid-caps with many speculative plays ending higher on retail participation,” he added.
Meanwhile, JS Global analyst Ahmed Saeed Khan said positivity prevailed amid lower participation.
“Rally today was led by the automobile sector that rallied across the board on the back of depreciating Yen. Major index movers of the aforementioned sector today were PSMC and INDU that rallied +3.89% and +2.58%, respectively,” Ahmed remarked.
“PAEL (+1.18%) rallied on news that ADB has issued a loan of $810 million for the upkeep of the electric transmission system.
“Marginal positivity was witnessed in the oil sector after OGDC’s (+1.18%) FY16 result clocked in better than expected despite global crude oil prices continuing a downward trajectory,” he said.
“Going forward, we expect the local bourse to be volatile for the last two days of the futures rollover week, caution is therefore advised,” the analyst added.
Trade volumes fell to 140 million shares compared with Tuesday’s tally of 173 million.
Shares of 390 companies were traded. At the end of the day, 223 stocks closed higher, 142 declined while 25 remained unchanged. The value of shares traded during the day was Rs7.6 billion.
K-Electric Limited was the volume leader with 12.2 million shares, gaining Rs0.14 to finish at Rs8.78. It was followed by Dewan Motors with 11.4 million shares, gaining Rs0.83 to close at Rs22.31 and Sui North Gas with 6.6 million shares, gaining Rs0.65 to close at Rs43.40.
Foreign institutional investors were net sellers of Rs293 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, August 25th, 2016.
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