Market watch: KSE-100 ends losing streak, closes 113 points higher

Benchmark index gains 0.25% to settle at 45,371.96


Our Correspondent April 23, 2018
Benchmark index gains 0.25% to settle at 45,371.96. PHOTO: AFP

KARACHI: The KSE-100 broke a three-day losing streak, ending positive on Monday with auto, banking and cement stocks attracting investor attention.

After a brief period of directionless trading, the index rose to hit an intra-day high of 45,452.98 points. Despite the rally, activity remained dull as most investors opted to stay at the sidelines, as only a few days remain in the budget annoucement.

At close, the benchmark KSE 100-share Index recorded an increase of 112.62 points or 0.25% to settle at 45,371.96.

Elixir Securities' analyst Jawwad Abubakr said equities closed marginally positive with the benchmark KSE-100 index settling below 45,400.

Weekly review: KSE-100 plummets 813 points as sentiment remains negative

"Stocks traded in a narrow range in early hours before select names across oils and banks pushed the KSE-100 Index on a positive climb. Wider market activity, however, was subpar as only $47 million worth of shares exchanged hands on the KSE All Share Index," Abubakr commented.

"Budget-related news flow over the weekend on various proposals pertaining to subsidy for power sector, reduction in super tax on banks and withdrawal of 5% WHT on bonus shares failed to generate any serious excitement in the market.

"On the results front, earnings of Pakistan State Oil (PSO PA +1.8%) outperformed street expectations, while High-Tech Lubricants (HTL PA -5%) hit the lower price limit after announcing poor earnings. Bank Alfalah (PA +1.4%) closed in green on rumours of Lucky Cement (LUCK -0.4%) eyeing a majority stake in the bank.

"[We] expect rangebound trading this week with key institutional players staying on sidelines and pre-budget snooze keeping broader market activity on the lower side," he added.

Market watch: KSE-100 ends in the red amid volatile trading

Overall, trading volumes fell to 112 million shares compared with Friday's tally of 144 million.

Shares of 360 companies were traded. At the end of the day, 187 stocks closed higher, 156 declined while 17 remained unchanged. The value of shares traded during the day was Rs5.4 billion.

Unity Foods was the volume leader with 11.1 million shares, gaining Rs1.42 to close at Rs29.99. It was followed by Sui South Gas with 10.7 million shares, gaining Rs1.26 to close at Rs37.51 and Lotte Chemical XD with 7.6 million shares, losing Rs0.25 to close at Rs10.31.

Foreign institutional investors were net sellers of Rs244.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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