Market watch: Index ends week in black

Benchmark KSE-100 index gains 71.51 points

KARACHI: After a rather mixed start, the benchmark KSE-100 Index closed marginally positive as a mid-day recovery in global crude prices meant investors took renewed interest in the second half of the day.

However, the index still closed slightly below the 34,000-point mark.

At close on Friday, the Pakistan Stock Exchange’s benchmark KSE-100 index rose 0.21% or 71.51 points to end at 33,967.54

Elixir Securities, in its report, said equities closed marginally positive in a range-bound session as KSE-100 index continued to hover below 34,000.



“Stocks opened sideways and index dipped in and out of negative territory most of the first session as interest remained selective and institutional participation remained minimal ahead of the monetary policy statement [on Saturday],” said analyst Ali Raza.

“Volumes, however, picked up somewhat in the second session as recovery in global crude pulled key oil plays out of the red zone, while activity in small and mid-caps also increased with volumes chart being dominated by retail plays to the likes of TRG (+2.1%), Jahangir Siddiqi and Company (JSCL +2.7%) and Hum Network (HUMNL +9.1%),” Raza added.

Meanwhile, JS Global analyst Arhum Ghous was of the view that lacklustre activity was observed in the market as the index traded between 98.24 points and -20.41 points.

“Cement sector led the rally as Cherat Cement Company (CHCC +2.95%), Fecto Cement (FECTC +0.78%) and Maple Leaf Cement (MLCF 0.37%) gained to close in the green zone,” Ghous said.

“HASCOL (0.89%) gained on the back of material information disseminated in the market, indicating transfer of shares of Hascol Petroleum Limited from major shareholders to Vitol Dubai Limited at a rate of Rs162 per share, as notified to the exchange through letter dated 26th February, 2016,” he said

“Oil and Gas Development Corporation (OGDC 0.26%), Pakistan Oilfields (POL 0.79%) and Pakistan Petroleum Limited (PPL 0.43%) in the E&P sector gained as crude oil continued its upward trajectory,” Ghous added.

“We remain bullish and recommend investors to take any dip as an opportunity to buy.”

Trade volumes fell to 196 million shares compared with Thursday’s tally of 261 million.



Shares of 356 companies were traded. At the end of the day, 186 stocks closed higher, 152 declined while 18 remained unchanged. The value of shares traded during the day was Rs7.9 billion.

TRG Pakistan Limited was the volume leader with 22.1 million shares, gaining Rs0.68 to finish at Rs33.26. It was followed by Jahangir Siddiqi and Company with 15.4 million shares, gaining Rs0.64 to close at Rs24.07 and Hum Network with 12 million shares, gaining Rs0.92 to close at Rs11.03.

Foreign institutional investors were net buyers of Rs3.06 billion during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, April 9^th,  2016.

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