Business

Market watch: Index ends slightly higher after low-volume day

Benchmark KSE-100 index rises 63.39 points.

Our Correspondent November 22, 2013

Trade volumes fell to 123 million shares compared with Thursday’s tally of 144 million. PHOTO: INP/FILE

KARACHI: The stock market remained subdued on the last day of the week, finishing slightly higher than yesterday. The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.27% or 63.39 points to end at 23,847.57.

“Pakistan equities traded lacklustre near the close, with volumes barely reaching the 100-million mark,” said Harris Ahmed Batla of Elixir securities. “Profit-takers in Engro Corporation (ENGRO PA +0.5%) and Adamjee Insurance (AICL PA +4.3%) seemed absent as both managed to close green with Adamjee Insurance nearly trading at its upper price limit. Despite the absence of any news flow, the textile industry managed to attract interest on high hopes of attaining the GSP plus status.

Fahad Ali of JS Global Securities said the market gained pace at the end. “The market remained range bound today where interest remained in companies like Pakistan State Oil, Engro, Nishat Mills Limited and Pakistan Telecommunication Communication Limited,” said Ali.

“Overall volumes remained dull during the day at the local bourse. However, half an hour before the market closed, volumes picked up. Investors and day traders chose to wait for a day to see the unfolding political situation concerning the curtailment of NATO supplies. Foreign interest continued to drive the KSE-100 index north, where local institutions still lack confidence but are cash rich.”

Trade volumes fell to 123 million shares compared with Thursday’s tally of 144 million.

Shares of 324 companies were traded on Friday. At the end of the day 190 stocks closed higher, 120 declined while 14 remained unchanged. The value of shares traded during the day was Rs6 billion.

Fauji cement was the volume leader with 14.6 million shares, losing Rs0.08 to finish at Rs12.94. Pakistan Telecommunications Company Limited followed with 8.1 million shares, losing Rs0.09 to close at Rs29.96, while Jahangir Siddiqui and Company, with 5.8 million shares, gained Rs0.05 to close at Rs8.91.

Foreign institutional investors were net sellers of Rs28 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 23^rd, 2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.