Market watch: KSE-100 ends marginally positive amid lack of triggers

Published: September 29, 2017
Benchmark Index gains 46.40 points to settle at 42,409.27. PHOTO: FILE

Benchmark Index gains 46.40 points to settle at 42,409.27. PHOTO: FILE

KARACHI: The KSE-100 Index traded in a narrow band of around 260 points, as lack of positive triggers meant directionless trading ahead of the weekend.

The benchmark, however, managed a positive finish for the second succession after a week in the red.

At close, the benchmark KSE 100-share Index recorded a rise of 46.40 points or 0.11% to stand at 42,409.27.

The KSE-100 hit an intra-day high of 42,543.20, led by auto, cement and pharma scrips on strong earnings outlook. Later, concern over foreign outflows and political uncertainty dragged the index in to the red before value-picking helped it end marginally positive.

JS Global analyst Maaz Mull said the Pakistan Stock Exchange witnessed another rangebound session as it was the last day for futures rollover.

Market watch: KSE-100 breaks losing streak, but ends only marginally positive

“In the banking space, UBL (-0.87%) and MCB (-0.43%) lost further ground, cumulatively taking away 23 points from the KSE-100 index.

“Mixed sentiments were seen in the cement sector as FCCL (+1.12%), CHCC (+2.90%) and PIOC (+2.46%) closed in the green, whereas KOHC (-1.67%), LUCK (-1.24%) and DGKC (-1.35%) dropped in value.

“SEARL (+5%) from the pharmaceutical sector hit its upper circuit as the company announced its FY17 result, where the company posted EPS of Rs15.30 with a cash payout of Rs8/share and a bonus issue of 20%.

“We recommend investors to remain cautious given political uncertainties and concerning economic indicators,” Mulla added.

Overall, trading volumes rose to 172 million shares compared with Thursday’s tally of 140 million.

Market watch: Foreigners buy, but KSE-100 ends fifth session in the red

Shares of 369 companies were traded. At the end of the day, 224 stocks closed higher, 130 declined while 15 remained unchanged. The value of shares traded during the day was Rs5.4 billion.

K-Electric was the volume leader with 37.9 million shares, gaining Rs0.38 to close at Rs7.04. It was followed by Bank of Punjab with 13.6 million shares, gaining Rs0.30 to close at Rs9.90 and Pakistan International Bulk Terminal with 9.6 million shares, gaining Rs0.83 to close at Rs21.59.

Foreign institutional investors were net sellers of Rs58.8 million during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

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