Market watch: Bourse moves between red and green zones entire day, ends lower

Benchmark KSE-100 index drops 15.31 points.


Our Correspondent February 06, 2015
Fauji Cement was the volume leader with 20.3 million shares, gaining Rs1.25 to close at Rs32.41.. PHOTO: PPI

KARACHI: The stock index oscillated throughout the day between red and green zones on Friday and finally closed lower with volumes of over 257 million shares.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended the day’s trading with a decrease of 0.04% or 15.31 points to end at 34656.34.

“Engro Corporation (+0.8%) closed with small changes, after it came down from its session highs as institutional selling brought pressure near the close,” said Sibtain Mustafa of Elixir Securities.

Cement shares continued to attract volumes and further price discovery. Maple Leaf Cement (MLCF +5%) closed at its upper limit as the company’s earnings per share on current coal prices were expected to be in the range of Rs7.5 to Rs8 per share.



Overall, volumes were dominated by second and third-tier sector with retail favourite Jahangir Siddiqui and Company touching its upper lock, Mustafa said.

“We expect market momentum to continue with consolidation in key stocks,” he said

“Engro and its affiliate can dominate trading as the fertiliser business is scheduled to announce 2014 results where 45% year-on-year growth is expected along with talk of surprise payout.”

JS Global analyst Muhammad Mobeen suggested that investors should remain cautious and avail intra-day strength to book profits.

“Due to a strong rebound in international crude oil prices, this could be a good time to build positions in the exploration and production sector and oil marketing companies. Top picks are OGDC, PSO, Hascol and Pakistan Oilfields,” Mobeen said.



Trade volumes fell to 257 million shares compared to 382 million on Wednesday.

Shares of 368 companies were traded. Of these, 164 declined, 182 closed higher and 22 remained unchanged. The value of shares traded during the day was Rs16.9 billion.

Fauji Cement was the volume leader with 20.3 million shares, gaining Rs1.25 to close at Rs32.41. It was followed by Pakistan International Bulk Terminal with 17.4 million shares, gaining Rs0.50 to close at Rs41.57 and Maple Leaf Cement with 16.8 million shares, gaining Rs2.49 to close at Rs56.68.

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, February 7th,  2015.

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