Market watch: KSE-100 Index finishes flat

Benchmark KSE-100 index ends at 36,266.23

KARACHI: The benchmark-100 index witnessed a volatile day, juggling between the red and black to eventually end flat on Wednesday, recording a rise of a solitary point.

A positive start saw the KSE-100 Index inch past the 36,400-point mark as overnight surge in crude oil prices helped the rally. However, stocks retreated soon enough as profit-booking and correction kicked in. At close, the benchmark KSE 100-share index recorded a rise of 0.002% or 1.11 points to end at 36,266.23.

Elixir Securities, in its report, stated that Pakistan equities closed the day unchanged to settle just one point higher after the benchmark KSE-100 index failed to sustain morning gains.





“Day kicked off on a higher note as index heavy E&Ps made a comeback following overnight surge in international crude, and pushed benchmark index to test 36,400 level,” said analyst Ali Raza.

“However, wider market couldn’t keep up and skidded lower, while E&Ps also erased their morning gains and closed in red on profit-booking. “Nonetheless, volumes exchanged on KSE-100 index were up 35% vs. yesterday and were focused in small and mid-cap speculative plays,” Raza added.

“Highlight of the day was High-Tech Lubricants (HTL PA +3.1%) which closed positive, after hitting the upper price limit intra-day, as investors cheered company’s plans of venturing into the oil marketing business,” he said.



Meanwhile, JS Global was of the view that volatility prevailed in the market, as the index continuously kept juggling between +147 and -33 points to finally close on a flattish note on the back of political uncertainty.

“Interest was seen in the automobile sector after sales number for the month of April showed a 29% year-on-year increase in 10MFY16, Pak Suzuki Motors (PSMC +0.88%) was the top performer of the day,” said analyst Ahmed Saeed Khan.



“Hi-Tech Lubricants (HTL +3.38%) rallied after it announced that the company will open 300 petrol pumps in 3 years, first of which is to be operational by Dec-2016.

“On the other hand, marginal correction was witnessed in scrips that are expected to be included in MSCI Emerging Market index as Fauji Fertilizer Company (FFC -0.10%), Oil and Gas Development Company (OGDC -0.25%), Habib Bank Limited (HBL -0.20%) and Dera Ghazi Khan cement (DGKC -0.30%) lost ground to close in the red zone,” Khan added.

Trade volumes rose to 300 million shares compared with Tuesday’s tally of 281 million.



Shares of 365 companies were traded. At the end of the day, 169 stocks closed higher, 163 declined while 33 remained unchanged. The value of shares traded during the day was Rs12.1 billion.

TRG Pakistan was the volume leader with 37.2 million shares, gaining Rs1.38 to finish at Rs37.01. It was followed by Dewan Cement with 36.4 million shares, gaining Rs0.13 to close at Rs16.50 and K-Electric Limited with 28.9 million shares, gaining Rs0.15 to close at Rs7.43.

Foreign institutional investors were net sellers of Rs328 million during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, May 12^th, 2016.

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