Market watch: Stocks close the week marginally positive

Benchmark KSE-100 index rises 41.35 points.


Our Correspondent March 14, 2014
Bank of Punjab was the volume leader with 38.3 million shares, losing Rs0.41 to finish at Rs10.63. PHOTO: REUTERS/FILE

KARACHI:


The bulls dominated the KSE-100 again as the index was able to close in the black led by small caps.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.15% or 41.35points to end at 27,124.47.

“Equities closed marginally positive with volumes primarily in small cap names (Bank of Punjab, TRG, K-Electric leading volumes charts) on retail participation as institutions remained sidelined ahead of the monetary policy announcement,” said Faisal Bilwani of Elixir Securities.

“Losses in financials on fear of a possible rate cut were well countered by gains in broader market with oil names leading; Pakistan Petroleum Limited (PPL PA +1.5%), Pakistan State Oil (PSO PA 1.6%). Against our expectation of testing new lows, Engro Corporation (ENGRO PA +2%) gained on the last day of the week.

“We expect the monetary policy announcement to set the tone and guide direction early next week with financials and energy names seeing unusual moves. Elixir expects no change in benchmark rates that stand at 10%,” Bilwani concluded.



Syed Faran Rizvi from JS Global said the activity remained lacklustre as volumes remained low (down 6%) on account of the outcome of the upcoming monetary policy.

“We recommend investors to buy cement and oil stocks with our top pick being in MLCF, DGKC, PPL and OGDC,” Rizvi suggested.

Trade volumes slightly fell to 267 million shares compared to Thursday’s tally of 248 million.

Shares of 371 companies were traded on Friday. At the end of the day, 197 stocks closed higher, 156 declined and 18 remained unchanged. The value of shares traded during the day was Rs8.9 billion.

Bank of Punjab was the volume leader with 38.3 million shares, losing Rs0.41 to finish at Rs10.63. It was followed by TRG Pakistan Limited with 32.4 million shares, losing Rs0.96 to close at Rs15.06 and K-Electric Limited with 12.9 million shares, losing Rs0.19 to close at Rs6.53.



Foreign institutional investors were net buyers of
Rs21 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, March 15th, 2015.

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