Benchmark KSE-100 index rises 10.25 points. PHOTO: AFP/FILE
At close on Tuesday, the Pakistan Stock Exchange’s KSE-100 index rose 0.03% or 10.25 points to end at 33,032.85, finding resistance at the 33,000-point mark.
Elixir Securities analyst Faisal Bilwani said Pakistan equities took a breather and closed little changed after benchmark KSE-100 index tested highs of 33,200 in early trade followed by institution-led profit-taking.
“Participation in the wider market remained upbeat with nearly $94 million worth of shares exchanging hands on the KSE-100 index,” said Bilwani.
“Stocks opened higher led by gains in index heavy Oils following higher international crude, however, morning gains gave in to profit-taking; with Oil and Gas Development Company (OGDC PA +0.52%) and Pakistan Petroleum Limited (PPL +0.92%) both closing marginally positive.
“On the other hand, lagging fertilisers had a good day as sector traded higher on recovery in international urea prices with Fauji Fertilizer (FFC +1.91%) contributing most on movers at KSE-100, “ he added.
“Moreover, Fauji Fertilizer Company (FFC +4.99%) hit the upper price limit on optimism over early launch of company’s meat business segment.
“Cements, autos and pharmas succumbed to profit-taking and traded lower after posting strong gains in previous sessions,” he said.
Meanwhile, JS Global analyst Arham Ghous was of the view that investors opted for profit taking mainly in the banking and cement sectors as Habib Bank Limited, United Bank Limited, Dera Ghazi Khan Cement and Maple Leaf Cement closed at (-0.79%), (-0.75%), (-0.97%) and (-1.54%), respectively.
“The news of Iron Ore rising most on record created positive momentum in the steel sector (ISL +5.0%, INIL +5.0%), whereas the news adversely affected the auto sector (HCAR -3.56%, PSMC -0.38%).
“Engro Foods (+5%) continued its euphoric growth for the fourth consecutive day on the back of FrieslandCampina International intention to buy majority stake in the company.”
“Moving forward, we expect the market to continue its positive momentum. Our top picks remain DGKC, FCCL and ENGRO,” he added.
Trading volumes rose to 216 million shares compared with Monday’s tally of 203 million.
Shares of 354 companies were traded. At the end of the day, 138 stocks closed higher, 192 declined while 24 remained unchanged. The value of shares traded during the day was Rs11.4 billion.
TRG Pakistan was the volume leader with 25.3 million shares, gaining Rs1.15 to finish at Rs28.80. It was followed by Jahangir Siddiqui and Company with 21.2 million shares, gaining Rs0.54 to close at Rs22.67 and Byco Petroleum with 11 million shares, gaining Rs0.28 to close at Rs17.96.
Foreign institutional investors were net buyers of Rs379 million worth of shares during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, March 9th, 2016.
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