Market watch: Volatile session at the KSE amid low volumes
KSE-100 index rises 28 points.
KARACHI:
The stock market surged and flirted with the 12,500-point mark for the entire session on Wednesday before being pulled down by profit-taking in the last hour, dealers said.
The Karachi Stock Exchange benchmark 100-share index ended 0.22 per cent or 27.59 points higher at 12,483.34.
The ongoing result season has prompted investors to take a cautious stance which is seen in the form of reluctance to take fresh positions and post-result profit-taking, Elixir Securities equity dealer Nazim Abdul Muttalib.
Lotte Pakistan PTA announced its 2010 results on Wednesday with net profit increasing 27 per cent to Rs4.5 billion, in line with market expectation. However, the scrip fell Rs0.5 to close at Rs15.38.
Lack of triggers along with monetary policy announcement due on Saturday is likely to keep investor interest low, added Muttalib.
In the monetary policy, eight of 10 analysts polled by Reuters expect the central bank to increase its key policy rate by at least 50 basis points to 14.5 per cent to combat double-digit inflation. In the previous announcement in November, the central bank increased the policy rate by 50 basis points to 14 per cent.
Volumes increased slightly but remained at a paltry 139 million shares compared with Tuesday’s 137 million shares.
Fertiliser stocks experienced profit-taking after urea and di-ammonium phosphate (DAP) sales data for December was released, which was lower than market expectations.
Shares of 394 companies were traded on Wednesday. At the end of the day, 144 stocks closed higher, 223 declined and 27 remained unchanged.
Lotte Pakistan was the volume leader with 47.53 million shares. It was followed by Pace (Pak) Limited with 12.51 million shares, gaining Rs0.15 to close at Rs3.39 and Fauji Fertiliser Bin Qasim Limited with 7.93 million shares, falling Rs0.82 to close at Rs41.07.
Fauji Fertiliser Company, fourth in the volumes chart, once again surprised investors, gaining 1.63 per cent to close at Rs156.16 on talk of foreign funds accumulating the stock. Excitement over the stock is expected to continue on Thursday as participants await its calendar year 2010 results.
Published in The Express Tribune, January 27th, 2011.
The stock market surged and flirted with the 12,500-point mark for the entire session on Wednesday before being pulled down by profit-taking in the last hour, dealers said.
The Karachi Stock Exchange benchmark 100-share index ended 0.22 per cent or 27.59 points higher at 12,483.34.
The ongoing result season has prompted investors to take a cautious stance which is seen in the form of reluctance to take fresh positions and post-result profit-taking, Elixir Securities equity dealer Nazim Abdul Muttalib.
Lotte Pakistan PTA announced its 2010 results on Wednesday with net profit increasing 27 per cent to Rs4.5 billion, in line with market expectation. However, the scrip fell Rs0.5 to close at Rs15.38.
Lack of triggers along with monetary policy announcement due on Saturday is likely to keep investor interest low, added Muttalib.
In the monetary policy, eight of 10 analysts polled by Reuters expect the central bank to increase its key policy rate by at least 50 basis points to 14.5 per cent to combat double-digit inflation. In the previous announcement in November, the central bank increased the policy rate by 50 basis points to 14 per cent.
Volumes increased slightly but remained at a paltry 139 million shares compared with Tuesday’s 137 million shares.
Fertiliser stocks experienced profit-taking after urea and di-ammonium phosphate (DAP) sales data for December was released, which was lower than market expectations.
Shares of 394 companies were traded on Wednesday. At the end of the day, 144 stocks closed higher, 223 declined and 27 remained unchanged.
Lotte Pakistan was the volume leader with 47.53 million shares. It was followed by Pace (Pak) Limited with 12.51 million shares, gaining Rs0.15 to close at Rs3.39 and Fauji Fertiliser Bin Qasim Limited with 7.93 million shares, falling Rs0.82 to close at Rs41.07.
Fauji Fertiliser Company, fourth in the volumes chart, once again surprised investors, gaining 1.63 per cent to close at Rs156.16 on talk of foreign funds accumulating the stock. Excitement over the stock is expected to continue on Thursday as participants await its calendar year 2010 results.
Published in The Express Tribune, January 27th, 2011.