Market watch: Index marginally positive as trigger awaited

Benchmark KSE 100-share Index rises 17.82 points

KARACHI: Another dull day of trading was witnessed at the country's stock market, as investors opted to remain on the sidelines in the absence of major triggers with volume remaining on the lower side.

At close on Monday, the Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index finished with a rise of 17.82 points or 0.04% to end at 49,452.71.

According to Elixir Securities, Pakistan equities closed little changed after yet another dull session with close to 100 million shares exchanging hands on the benchmark KSE-100 index.



"Stocks opened lower and struggled to find any clear direction in absence of major triggers or event with very selective institutional and retail interest as most locals continue to wait for possible announcement of Panama case verdict," said analyst Faisal Bilwani.

"With index names seeing no major action, retail driven speculative small caps led volumes while wider market traded in a narrow band of 300 points," said Bilwani.

"We see volumes likely picking up in days ahead on clarity on domestic politics post Panama verdict, while local interest in MSCI EM names is also expected to lift sentiments in wider market going forward," he added.



According to Topline Securities, trading at the bourse remained choppy (+90pts/-218pts), amid thin market participation on the back of heightened monitoring by the apex regulator.

“Consequently, the KSE-100 index remained little changed, gaining 18 points or 0.04% to close at 49,453 level,” stated the report.

“Interest was seen in SNGP and SSGC late in the session, with stocks gaining 3.7% and 0.9%, respectively,” it added.

Trading volumes fell to 237 million shares compared with Monday's tally of 302 million.



Shares of 392 companies were traded. At the end of the day, 135 stocks closed higher, 239 declined while 18 remained unchanged. The value of shares traded during the day was Rs11.4 billion.

K-Electric Limited was the volume leader with 23.9 million shares, losing Rs0.04 to close at Rs9.95. It was followed Azgard Nine with 19 million shares, losing Rs0.70 to close at Rs10.75 and Sui North Gas with 15.3 million shares, gaining Rs4.85 to close at Rs135.29.

Foreign institutional investors were net sellers of Rs15 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.