Market watch: Stocks end flat as connectivity issues resurface

Published: November 6, 2017

KARACHI: The stock market closed marginally in the red on Monday despite rising crude oil prices as technical issues at the exchange overshadowed other factors.

Turnover remained dismally low during the day and oil exploration and production companies were the only ones to end in the green.

At close, the benchmark KSE 100-share Index registered a decrease of 33.23 points or 0.08% to settle at 41,030.77.

According to Elixir Securities, Pakistan equities limped to a flattish close after activity in the wider market was marred by connectivity issues faced by the exchange.

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“Stocks opened and traded in a narrow range on a dismal note with turnover on the KSE All-Share Index standing below $45 million for the entire day,” Elixir said.

Exploration and production was the only sector that moved higher and contributed positive points to the KSE-100 index as participants tracked weekend events in Saudi Arabia where the leadership attempted a high-profile corruption purge that pushed up global crude prices.

“We see range-bound trading with the KSE-100 index consolidating gains near 41,000, while institutional flows primarily from foreigners will remain important in setting the tone of the wider market in the days ahead,” the report added.

Overall, trading volumes fell to 75.4 million shares compared with Friday’s tally of 115.4 million.

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Shares of 343 companies were traded. At the end of the day, 95 stocks closed higher, 233 declined while 15 remained unchanged. The value of shares traded during the day was Rs4.5 billion.

Pakistan Telecommunication Company was the volume leader with 5.5 million shares, losing Rs0.23 to close at Rs13.02. It was followed by K-Electric with 4.7 million shares, losing Rs0.10 to close at Rs5.47 and Sui Southern Gas Company with 4.69 million shares, gaining Rs0.99 to close at Rs33.94.

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