Market watch: Led by banks and fertiliser, index closes positive

Benchmark KSE-100 index increases 11.71 points.

KARACHI: Led by banks and fertiliser companies, the stock market witnessed a positive close for the second successive day.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.04% or 11.71 points to end at 27,258.6.

“The index remained range bound trading between the range of +100 and ‐100,” said Fahad Ali of JS Global, adding that significant profit-taking was witnessed in oil, gas and fertiliser sectors.

“Major interest was seen in Faysal Bank, Fatima Fertilizer and Fauji Cement. We expect the market to remain bullish for the next couple of days with major interest in oil and gas, banking and cement sectors.”



Meanwhile, Faisal Bilwani from Elixir Securities said that Pakistan equities closed with little change on a day that was dominated by second and third-tier names.

“Cements witnessed lacklustre interest on no concrete update from Tuesday’s meeting of makers while Lucky Cement (LUCK PA -2.3%) closed down on reported foreigner selling.

“Energy names witnessed profit-taking as investors remain slightly concerned on foreign selling in oils with Pakistan Petroleum (PPL PA -1.3%) ending the day in red.

“We see stocks to remain choppy in the days ahead with support at 27,000 levels with foreigners’ participation and direction guiding broader market in the near term,” he concluded.

Trade volumes rose to a level of 232 million shares compared with Tuesday’s tally of 167 million.

Shares of 361 companies were traded on Wednesday. At the end of the day, 162 stocks closed higher, 175 declined while 24 remained unchanged. The value of shares traded during the day was Rs8.5 billion.



Faysal Bank was the volume leader with 48.3 million shares, gaining Rs0.58 to finish at Rs13.78. It was followed by Fatima Fertilizer with 16.1 million shares, gaining Rs0.19 to close at Rs31.42 and Fauji Cement with 11.5 million shares, gaining Rs0.35 to close at Rs17.14.

Foreign institutional investors were net sellers of Rs292 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, March 20^th, 2014.

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