Market watch: After 8 successive sessions in the green, KSE-100 ends marginally lower

Benchmark index decreases 57 points to close at 46,580.62

KARACHI: Stocks took a breather as the KSE-100 ended marginally lower after eight successive sessions, with profit-taking kicking in as the index neared 47,000.

The KSE-100 shot up 247.58 points to an intra-day high of 46,828.20 before gains were erased due to profit-booking.

At close on Monday, the benchmark KSE 100-share Index recorded a decrease of 57 points or 0.12% to settle at 46,580.62.

Elixir Securities’ analyst Muhammad Arbash said equities closed marginally negative on relatively lower volumes as key sectors barring fertiliser witnessed profit-taking.



“The market started on a positive note and the KSE-100 tested the day’s high of 46,828.

“Fertilisers (+1.5%) led the gains amid possible hike in urea prices as industry officials warned of possible supply constraints due to hoarding by dealers ahead of summer crops.

“The wider market closed lower with select index names across E&Ps and financials denting the index the most on low trading.

“On the corporate news front, Amreli Steels (-0.2%) called off the joint venture with a Chinese company for electric transmission business; the said information, however, had no impact on the stock's price.

“The market is likely to consolidate in a 300-500-point range in the near-term,” he added.



Overall, trading volumes decreased to 203 million shares compared with Thursday's tally of 248 million.

Shares of 378 companies were traded. At the end of the day, 189 stocks closed higher, 168 declined while 21 remained unchanged. The value of shares traded during the day was Rs8.4 billion.

Fauji Cement Co was the volume leader with 18.5 million shares, gaining Rs0.65 to close at Rs31.87. It was followed by Engro Polymer and Chemicals with 15.5 million shares, gaining Rs0.98 to close at Rs38.68 and TRG Pakistan with 13.4 million shares, gaining Rs0.74 to close at Rs36.97.

Foreign institutional investors were net buyers of Rs354 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.