Market watch: Index ends flat, lacklustre trading continues
Benchmark KSE-100 index falls 24.65 points.
Benchmark KSE-100 index falls 24.65 points. PHOTO: AFP/FILE
KARACHI:
Lacklustre trading continued at the bourse as the benchmark-100 index ended almost flat, maintaining its position near the 33,000-point mark.
Autos attracted attention on the back of expectation of sales figures for the month of March and reports of them passing on the increase in regulatory duty on steel products to the end consumers.
However, the oil and gas sector remained under pressure and so did financials. At close on Tuesday, the Pakistan Stock Exchange’s KSE-100 index fell 0.07% or 24.65 points to end at 32,879.67.
Elixir Securities analyst Ali Raza said the index struggled to find any clear direction as mixed performance in regional markets and lower crude kept value hunters at bay.
“Oils and financials closed negative, while cements also succumbed to profit-taking after gaining notably in the past few sessions.
“Turnover somewhat improved from Monday as $43 million worth of shares exchanged hands on KSE-100 index, however, participation remained limited to small and mid-caps that dominated the volumes chart,” said Raza.
“We expect the range-bound trading pattern to continue in the near term with participants looking for institutional flows to guide the market direction in absence of triggers,” he added.
Meanwhile, JS Global analyst Ahmad Saeed Khan said the rally continued in the automobile sector on the back of news that local manufacturers were likely to pass on the impact of increase in regulatory duty on steel products to the end consumers.
“Star performers of the sector were Honda Atlas Cars (HCAR +5.0%), Millat Tractors Limited (MTL +3.70%) and Al-Ghazi Tractors Limited (AGTL +3.51%).
“News of allowing Iranian cement to be imported triggered profit taking in the cement sector. The biggest laggard of the sector was Maple Leaf Cement (MLCF -2.63%).
“Pressure remained on the oil sector amid declining global crude oil prices; on the contrary Attock Refinery Limited (ATRL) gained on back of news that work on the revamped crude unit had been completed and was back on stream.
Trade volumes rose to 130 million shares compared with Monday’s tally of 86 million shares.
Shares of 342 companies were traded. At the end of the day, 155 stocks closed higher, 164 declined while 23 remained unchanged. The value of shares traded during the day was Rs5.7 billion.
TRG Pakistan Limited was the volume leader with 12 million shares, gaining Rs0.87 to finish at Rs27.82. It was followed by TPL Trakker Limited with 11.4 million shares, gaining Rs1 to close at Rs13.14 and Dewan Motors with 9.2 million shares, gaining Rs0.43 to close at Rs10.01.
Foreign institutional investors were net buyers of Rs11.3 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 30th, 2016.
Lacklustre trading continued at the bourse as the benchmark-100 index ended almost flat, maintaining its position near the 33,000-point mark.
Autos attracted attention on the back of expectation of sales figures for the month of March and reports of them passing on the increase in regulatory duty on steel products to the end consumers.
However, the oil and gas sector remained under pressure and so did financials. At close on Tuesday, the Pakistan Stock Exchange’s KSE-100 index fell 0.07% or 24.65 points to end at 32,879.67.
Elixir Securities analyst Ali Raza said the index struggled to find any clear direction as mixed performance in regional markets and lower crude kept value hunters at bay.
“Oils and financials closed negative, while cements also succumbed to profit-taking after gaining notably in the past few sessions.
“Turnover somewhat improved from Monday as $43 million worth of shares exchanged hands on KSE-100 index, however, participation remained limited to small and mid-caps that dominated the volumes chart,” said Raza.
“We expect the range-bound trading pattern to continue in the near term with participants looking for institutional flows to guide the market direction in absence of triggers,” he added.
Meanwhile, JS Global analyst Ahmad Saeed Khan said the rally continued in the automobile sector on the back of news that local manufacturers were likely to pass on the impact of increase in regulatory duty on steel products to the end consumers.
“Star performers of the sector were Honda Atlas Cars (HCAR +5.0%), Millat Tractors Limited (MTL +3.70%) and Al-Ghazi Tractors Limited (AGTL +3.51%).
“News of allowing Iranian cement to be imported triggered profit taking in the cement sector. The biggest laggard of the sector was Maple Leaf Cement (MLCF -2.63%).
“Pressure remained on the oil sector amid declining global crude oil prices; on the contrary Attock Refinery Limited (ATRL) gained on back of news that work on the revamped crude unit had been completed and was back on stream.
Trade volumes rose to 130 million shares compared with Monday’s tally of 86 million shares.
Shares of 342 companies were traded. At the end of the day, 155 stocks closed higher, 164 declined while 23 remained unchanged. The value of shares traded during the day was Rs5.7 billion.
TRG Pakistan Limited was the volume leader with 12 million shares, gaining Rs0.87 to finish at Rs27.82. It was followed by TPL Trakker Limited with 11.4 million shares, gaining Rs1 to close at Rs13.14 and Dewan Motors with 9.2 million shares, gaining Rs0.43 to close at Rs10.01.
Foreign institutional investors were net buyers of Rs11.3 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 30th, 2016.