At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.14% or 42.41 points to end at 30,094.16.
Elixir Securities analyst Fasial Bilwani said Pakistan equities closed yet another day with little change as stocks traded in a narrow band. “Absence of any major news and anxiety over impact of floods and ongoing political stalemate on macros remained a dampener,” said Bilwani.
“The market opened flat and traded listless, however, on-system crossings of near 5 million shares in United Bank (UBL) -1% saved the day, with stock trading more than 16% of KSE-100 turnover.
“In addition, Bank Alfalah (BAFL) -0.6% attracted attention on news of IFC investment to buy 15% stake at Rs28 per share while broader market struggled to find direction.
“Small caps mainly cement led volumes as retail investors hunt day trade opportunities while local institutions maintained a cautious and selective stance till clarity on politics.
“The stock market will likely see volatile trading ahead of the weekend with unusual volumes during the second session and volumes slightly improving on institutional participation.
Meanwhile, JS Global analyst Irfan Iqbal said that the market witnessed range bound activity after a positive start. “The ADB’s lower than expected commitments to projects in Pakistan and an anticipated delay in the IMF’s fourth tranche hit sentiments.
“The cement sector charmed investors, Lafarge Cement (LPCL) was the volume leader today jumping to a five-year high as investors jumped in to avail an arbitrage opportunity to sell into an expected tender offer.”
Trade volumes rose to 186 million shares compared to Wednesday’s tally of 153 million.
Shares of 364 companies were traded on Thursday. Of these, 140 companies declined, 203 closed higher while 21 remained unchanged. The value of shares traded during the day stood at Rs8.25 billion.
LPCL was the volume leader with 41 million shares, gaining Rs0.88 to close at Rs17.07. It was followed by Askari Bank with 10.8 million shares, gaining Rs0.08 to close at Rs21.88 and Bank Alfalah with 8.5 million shares, losing Rs0.19 to close at Rs28.65.
Foreign institutional investors were net sellers of Rs871 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 19th, 2014.
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