Market watch: Foreigners turn net buyers, index ends marginally higher
Benchmark KSE-100 index gains 42.73 points
PHOTO: AFP/FILE
KARACHI:
Foreigners were net buyers, but the benchmark-100 index only barely ended positive as trading continued to be lacklustre and directionless.
Interest was seen in select stocks as majority of the participants stayed on the sidelines awaiting clarity post the recent political instability this week.
At close on Wednesday, the Pakistan Stock Exchange’s KSE-100 index rose 0.13% or 42.73 points to end at 32,922.40.
Elixir Securities analyst Ali Raza said stocks carried on with recent dull momentum and struggled to find a clear direction as participants, primarily locals, stayed on the sidelines.
“Exploration and Production E&Ps closed mixed following volatile global crude, while Mari Petroleum (MARI +5%) closed at the upper price limit after it notified exchange of a major discovery with earnings impact of more than Rs5 per share.
“Meanwhile, Engro Foods (EFOODS +4.7%) gained in late trading on reported local buying.
“We see lacklustre activity in wider market to continue in the near term with participants closely tracking the law and order situation,” said Raza.
Meanwhile, JS Global analyst Ahmad Saeed Khan said MARI closed on its upper circuit on the back of material information disseminated in the market by the company declaring crude oil discovery in its Halini Deep 1 well in Karak Block.
“HASCOL (-2.8%) lost value to close in the red zone, as the company announced its FY15 year end result in which the company, contrary to market expectations, did not declare any bonus share for its shareholders.
“In its financial result, it declared EPS of Rs.9.39 and a final cash dividend of Rs.3.5 per share taking the full year cash dividend to Rs.5 per share and bonus at 20%.
“GlaxoSmithKline (GLAXO -1.3%) remained under selling pressure as the pharmaceutical company declared its financial result. The company posted EPS of Rs.8.30 per share and a final cash dividend of Rs4 per share against EPS of Rs.5.30 per share and dividend per share of Rs.5 per share in its FY14 result,” said Khan.
“Moving forward, we expect the market to continue with its current trend in absence of any major market moving triggers,” he added.
Trade volumes fell to 115 million shares compared with Tuesday’s tally of 130 million shares.
Shares of 334 companies were traded. At the end of the day, 175 stocks closed higher, 130 declined while 29 remained unchanged. The value of shares traded during the day was Rs6.8 billion.
Sui Northern Gas Pipeline Limited (SNGPL) was the volume leader with 14.8 million shares, gaining Rs0.49 to finish at Rs25.97. It was followed by TRG Pakistan Limited with 7.9 million shares, ending flat to close at Rs27.82 and Sui Southern Gas Company (SSGC) with 7.3 million shares, gaining Rs0.19 to close at Rs27.52.
Foreign institutional investors were net buyers of Rs44.6 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 31st, 2016.
Foreigners were net buyers, but the benchmark-100 index only barely ended positive as trading continued to be lacklustre and directionless.
Interest was seen in select stocks as majority of the participants stayed on the sidelines awaiting clarity post the recent political instability this week.
At close on Wednesday, the Pakistan Stock Exchange’s KSE-100 index rose 0.13% or 42.73 points to end at 32,922.40.
Elixir Securities analyst Ali Raza said stocks carried on with recent dull momentum and struggled to find a clear direction as participants, primarily locals, stayed on the sidelines.
“Exploration and Production E&Ps closed mixed following volatile global crude, while Mari Petroleum (MARI +5%) closed at the upper price limit after it notified exchange of a major discovery with earnings impact of more than Rs5 per share.
“Meanwhile, Engro Foods (EFOODS +4.7%) gained in late trading on reported local buying.
“We see lacklustre activity in wider market to continue in the near term with participants closely tracking the law and order situation,” said Raza.
Meanwhile, JS Global analyst Ahmad Saeed Khan said MARI closed on its upper circuit on the back of material information disseminated in the market by the company declaring crude oil discovery in its Halini Deep 1 well in Karak Block.
“HASCOL (-2.8%) lost value to close in the red zone, as the company announced its FY15 year end result in which the company, contrary to market expectations, did not declare any bonus share for its shareholders.
“In its financial result, it declared EPS of Rs.9.39 and a final cash dividend of Rs.3.5 per share taking the full year cash dividend to Rs.5 per share and bonus at 20%.
“GlaxoSmithKline (GLAXO -1.3%) remained under selling pressure as the pharmaceutical company declared its financial result. The company posted EPS of Rs.8.30 per share and a final cash dividend of Rs4 per share against EPS of Rs.5.30 per share and dividend per share of Rs.5 per share in its FY14 result,” said Khan.
“Moving forward, we expect the market to continue with its current trend in absence of any major market moving triggers,” he added.
Trade volumes fell to 115 million shares compared with Tuesday’s tally of 130 million shares.
Shares of 334 companies were traded. At the end of the day, 175 stocks closed higher, 130 declined while 29 remained unchanged. The value of shares traded during the day was Rs6.8 billion.
Sui Northern Gas Pipeline Limited (SNGPL) was the volume leader with 14.8 million shares, gaining Rs0.49 to finish at Rs25.97. It was followed by TRG Pakistan Limited with 7.9 million shares, ending flat to close at Rs27.82 and Sui Southern Gas Company (SSGC) with 7.3 million shares, gaining Rs0.19 to close at Rs27.52.
Foreign institutional investors were net buyers of Rs44.6 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 31st, 2016.