Market watch: KSE-100 edges up amid three-month low turnover

Benchmark index gains 87.35 points to close at 43,495.07

Our Correspondent March 15, 2018

Benchmark index gains 87.35 points to close at 43,495.07. PHOTO:FILE

KARACHI: The stock market endured a dull session on Thursday with the benchmark index trading range bound throughout the day.

The KSE-100 Index opened on a weak note, but buying in some stocks helped it finish trading in the green zone.

A lack of positive triggers and massive selling by foreigners a day ago pushed investors to the sidelines. The sacking of US Secretary of State Rex Tillerson and troubled macroeconomic indicators in Pakistan also caused jitters among investors.

At close, the benchmark KSE 100-share Index recorded an increase of 87.35 points or 0.20% to settle at 43,495.07.

Elixir Securities' analyst Zainul Abedin said Pakistan equities closed with marginal gains after a range-bound and lacklustre trading session.

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"The market opened on a dreary note and continued to witness extremely low activity during the day that led to the benchmark KSE-100 Index recording its lowest turnover in almost three months at $24 million," he said.

Morning news of an amnesty scheme expected to be announced by the end of March failed to stir interest among participants who continued to track institutional flows in key sectors for direction.

Volumes were mostly focused on small-cap speculative plays with stocks like Lotte Chemical Pakistan (+3.9%) leading the volumes chart.

"We see a volatile market on Friday mainly guided by flows where activity in index names is expected to pick up near the day's end due to FTSE re-balancing," he added.

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Overall, trading volumes increased to 220 million shares compared with Wednesday's tally of 198 million.

Shares of 381 companies were traded. At the end of the day, 206 stocks closed higher, 147 declined while 28 remained unchanged. The value of shares traded during the day was Rs5.7 billion.

Lotte Chemical was the volume leader with 34.7 million shares, gaining Rs0.38 to close at Rs10.15. It was followed by Nimir Resins with 13.5 million shares, gaining Rs0.97 to close at Rs10.20 and Fauji Foods with 11.5 million shares, gaining Rs0.75 to close at Rs29.39.

Foreign institutional investors were net sellers of Rs6.2 million during the trading session, according to data compiled by the National Clearing Company of Pakistan.