KARACHI: The KSE-100 Index finished marginally positive albeit on low volumes as much of the investors stayed on the sidelines, while some opted to book intra-day gains.
The session started off on a high note after a three-day correction, but profit-booking kicked in soon after.
At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a rise of 0.12% or 55.74 points to end at 46,659.73.
Elixir Securities analyst Ali Raza said Pakistan equities closed Monday little changed after early gains that pushed benchmark KSE100 index towards 46,900 levels were wiped on profit-taking.
“Activity in wider market was noticeably lower as the year 2016 draws to a close,” said Raza. “KSE-all share Index saw only 180 million shares exchanging hands; dropping 47% vs last week’s average and lowest in last five months.”
Market, after a positive open, gained steadily until mid-day with index heavy exploration and production, financials and select index names mainly driving and pushing KSE100 index up by more than 250 points, however, gains proved short-lived as market took a U-turn on profit-taking, said Raza.
“On leaderboard, index heavy Hub Power (HUBC,+1.7%) contributed most positive points while biggest dent came from Bank Al-Habib (BAHL,-3.3%) and Habib Bank (HBL,-0.7%).”
JS Global analyst Nabeel Haroon said positivity prevailed in the market during most part of the day as the index rallied to make an intraday high of 46,899 points.
“However profit taking was witnessed in the market during the latter hours as the index fell to close on a flat note (+0.12%),” said Haroon.
“Investor interest was seen in automobile sector as it gained to close (+2%) higher than its previous session close.”
“Honda Atlas Cars (+5%) and Pak Suzuki (+2.43%) were major movers of the aforementioned sector,” said Haroon.
Trading volumes fell to 179 million shares compared with Friday’s tally of 229 million.
Shares of 385 companies were traded. At the end of the day, 190 stocks closed higher, 177 declined while 18 remained unchanged. The value of shares traded during the day was Rs8.9 billion.
TRG Pakistan was the volume leader with 18.7 million shares, gaining Rs2.02 to finish at Rs45.51. It was followed by Engro Polymer with 13.6 million shares, losing Rs0.13 to close at Rs18.06 and K-Electric Limited with 11.1 million shares, losing Rs0.05 to close at Rs9.20.
Foreign institutional investors were net sellers of Rs577 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 27th, 2016.
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