KSE-100 Index ends flat, but trading volume rises
Benchmark index loses 3.42 points to finish at 49,016.79
PHOTO: FILE
KARACHI:
Stocks halted their upward march on Wednesday, as the benchmark KSE 100-share Index ended flat and over 49,000-point mark.
Stocks opened positive but succumbed to profit-taking soon enough before positive momentum carried the index near the 49,150 mark. However, investors decided to book profits in the afternoon after three successive days of gains.
At close, the Pakistan Stock Exchange's benchmark index recorded a fall of 3.42 points or 0.01% to finish at 49,016.79.
Elixir Securities analyst Ali Raza said the market failed to carry momentum and struggled for direction early on as lower regional markets and declines in global crude dented sentiment.
"Industrial sideboards such as Millat Tractors (MTL +4.7%) and Pak Electron (PAEL PA +2.4%) and retail favourites to the likes of Bank of Punjab (BOP PA +6.2%), Azgard Nine (ANL PA +7.8%), Dost Steels (DSL PA +2.3%) led the day's gains, while Index names across major sectors traded in a narrow range to finish flat or slightly lower," he said.
Bourse continues to climb, closes above 49,000 points
"Notably, K-Electric (KEL PA -5.2%) again took a hammering as investors came to the realisation that recent downward revision in multiyear tariff by National Electric Power Regulatory Authority (NEPRA) spells trouble for the company; the stock topped the volumes chart and traded most volumes since mid-February.
"We continue to see rangebound market in near term with news flow on domestic political front and any progress on most talked above leverage product keeping participants on the lookout," he added.
Meanwhile, according to JS Research analyst Arhum Ghous, the market opened on a positive note, maintaining its previous session trend, while the index traded at an intraday high of +127 points before making an intraday low of -59 points.
"Volume was recorded at 318m shares, up 41%. (KEL -5.19%), (BOP +6.15%) and (ANL +7.80%) were volume leaders where KEL closed in the red on news from NEPRA announcing a seven-year tariff for KEL, slashing average tariffs by Rs3.50/unit (by ~23%).
KSE-100 builds on gains as volumes hit one-year low
"Moreover, oil prices slipped back to three-month lows after data showed faster-than-expected rise in US crude inventories, piling pressure on OPEC to extend output cuts beyond June.
"Mixed sentiment was witnessed in pharmaceuticals where (GLAXO -1.72%) and (ABOT -0.21%) closed in the red zone as National Accountability Bureau began an inquiry into recent drug price hikes, sale of unregistered stents at high prices and absence of medicine records," he added.
Overall, trading volumes rose to 317 million shares compared with Tuesday's tally of 225 million.
KSE-100 snaps losing streak, gains 120 points
Shares of 410 companies were traded. At the end of the day, 213 stocks closed higher, 183 declined while 14 remained unchanged. The value of shares traded during the day was Rs13.3 billion.
K-Electric was the volume leader with 50.1 million shares, losing Rs0.46 to close at Rs8.41. It was followed by Bank of Punjab with 29.1 million shares, gaining Rs1 to close at Rs17.27 and Azgard Nine with 22.9 million shares, gaining Rs0.82 to close at Rs11.33.
Foreign institutional investors were net buyers of Rs399 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Stocks halted their upward march on Wednesday, as the benchmark KSE 100-share Index ended flat and over 49,000-point mark.
Stocks opened positive but succumbed to profit-taking soon enough before positive momentum carried the index near the 49,150 mark. However, investors decided to book profits in the afternoon after three successive days of gains.
At close, the Pakistan Stock Exchange's benchmark index recorded a fall of 3.42 points or 0.01% to finish at 49,016.79.
Elixir Securities analyst Ali Raza said the market failed to carry momentum and struggled for direction early on as lower regional markets and declines in global crude dented sentiment.
"Industrial sideboards such as Millat Tractors (MTL +4.7%) and Pak Electron (PAEL PA +2.4%) and retail favourites to the likes of Bank of Punjab (BOP PA +6.2%), Azgard Nine (ANL PA +7.8%), Dost Steels (DSL PA +2.3%) led the day's gains, while Index names across major sectors traded in a narrow range to finish flat or slightly lower," he said.
Bourse continues to climb, closes above 49,000 points
"Notably, K-Electric (KEL PA -5.2%) again took a hammering as investors came to the realisation that recent downward revision in multiyear tariff by National Electric Power Regulatory Authority (NEPRA) spells trouble for the company; the stock topped the volumes chart and traded most volumes since mid-February.
"We continue to see rangebound market in near term with news flow on domestic political front and any progress on most talked above leverage product keeping participants on the lookout," he added.
Meanwhile, according to JS Research analyst Arhum Ghous, the market opened on a positive note, maintaining its previous session trend, while the index traded at an intraday high of +127 points before making an intraday low of -59 points.
"Volume was recorded at 318m shares, up 41%. (KEL -5.19%), (BOP +6.15%) and (ANL +7.80%) were volume leaders where KEL closed in the red on news from NEPRA announcing a seven-year tariff for KEL, slashing average tariffs by Rs3.50/unit (by ~23%).
KSE-100 builds on gains as volumes hit one-year low
"Moreover, oil prices slipped back to three-month lows after data showed faster-than-expected rise in US crude inventories, piling pressure on OPEC to extend output cuts beyond June.
"Mixed sentiment was witnessed in pharmaceuticals where (GLAXO -1.72%) and (ABOT -0.21%) closed in the red zone as National Accountability Bureau began an inquiry into recent drug price hikes, sale of unregistered stents at high prices and absence of medicine records," he added.
Overall, trading volumes rose to 317 million shares compared with Tuesday's tally of 225 million.
KSE-100 snaps losing streak, gains 120 points
Shares of 410 companies were traded. At the end of the day, 213 stocks closed higher, 183 declined while 14 remained unchanged. The value of shares traded during the day was Rs13.3 billion.
K-Electric was the volume leader with 50.1 million shares, losing Rs0.46 to close at Rs8.41. It was followed by Bank of Punjab with 29.1 million shares, gaining Rs1 to close at Rs17.27 and Azgard Nine with 22.9 million shares, gaining Rs0.82 to close at Rs11.33.
Foreign institutional investors were net buyers of Rs399 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.