Market watch: KSE-100 gains 163 points amid range-bound trading session
Benchmark index increases 0.38% to settle at 42,588.29
Benchmark index increases 0.38% to settle at 42,588.29. PHOTO: PPI / FILE
KARACHI:
After a three-day gap, the KSE-100 Index ended the week with a positive finish even as volumes remained subdued.
The day kicked off on a negative note as the index fell nearly 150 points during the early hours before recovery began. A buying spree, especially after the mid-session interval, took the index past the 42,600 mark with fertilisers and energy sectors attracting interest.
At close, the benchmark KSE 100-share Index recorded an increase of 163.19 points or 0.38% to settle at 42,588.29.
JS Global's Danish Ladhani said the market closed positive despite remaining range bound and mixed throughout the session.
"On the economic front, the country's current account deficit widened by 16.4% during July 2018 as compared to the corresponding period of last year," Ladhani said. "Moreover, Pakistan is to pay $9.3 billion in external debt servicing.
Market watch: KSE-100 slips as trading volumes stand low
"Financials and energy rallied, while on the flip side cements closed under pressure. In the banking sector, HBL (-0.71%) closed in the red, however MCB (+0.94) and UBL (+0.30%) closed positive. Likewise, LUCK (+0.09%), closed in positive but DGKC (-0.71%) and FCCL (-0.23%) closed in the red.
"Major heavyweights namely, OGDC (+0.42%), ENGRO (+0.18%), MCB (+0.94%), UBL (+0.30%), LUCK (+0.09%), FFC (+1.28%), POL (+0.58%) and HUBC (+0.84%) cumulatively contributed 75 points.
"Traded volumes decreased by 21% day-on-day to 116 million shares, while value traded plummeted to $36 million. Top volume stocks were UNITY (+5%), PREMA (+4.84%) and TRG (+4.28%).
"Moving forward, the market is expected to remain volatile and choppy with flows from local and foreign institutions directing the market," the analyst said.
Global turmoil, unimpressive results pull down KSE-100
Overall, trading volumes decreased to 115.9 million shares compared with Monday's tally of 147.6 million. The value of shares traded during the day was Rs4.5 billion.
Shares of 341 companies were traded. At the end of the day, 190 stocks closed higher, 133 declined while 18 remained unchanged.
WorldCall Telecom was the volume leader with 22.5 million shares, gaining Rs0.07 to close at Rs2.10. It was followed by Unity Foods with 7.8 million shares, gaining Rs2.08 to close at Rs43.7 and At-Tahur Limited with 7.2 million shares, gaining Rs1.45 to close at Rs31.42.
Foreign institutional investors were net sellers of Rs172.3 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
After a three-day gap, the KSE-100 Index ended the week with a positive finish even as volumes remained subdued.
The day kicked off on a negative note as the index fell nearly 150 points during the early hours before recovery began. A buying spree, especially after the mid-session interval, took the index past the 42,600 mark with fertilisers and energy sectors attracting interest.
At close, the benchmark KSE 100-share Index recorded an increase of 163.19 points or 0.38% to settle at 42,588.29.
JS Global's Danish Ladhani said the market closed positive despite remaining range bound and mixed throughout the session.
"On the economic front, the country's current account deficit widened by 16.4% during July 2018 as compared to the corresponding period of last year," Ladhani said. "Moreover, Pakistan is to pay $9.3 billion in external debt servicing.
Market watch: KSE-100 slips as trading volumes stand low
"Financials and energy rallied, while on the flip side cements closed under pressure. In the banking sector, HBL (-0.71%) closed in the red, however MCB (+0.94) and UBL (+0.30%) closed positive. Likewise, LUCK (+0.09%), closed in positive but DGKC (-0.71%) and FCCL (-0.23%) closed in the red.
"Major heavyweights namely, OGDC (+0.42%), ENGRO (+0.18%), MCB (+0.94%), UBL (+0.30%), LUCK (+0.09%), FFC (+1.28%), POL (+0.58%) and HUBC (+0.84%) cumulatively contributed 75 points.
"Traded volumes decreased by 21% day-on-day to 116 million shares, while value traded plummeted to $36 million. Top volume stocks were UNITY (+5%), PREMA (+4.84%) and TRG (+4.28%).
"Moving forward, the market is expected to remain volatile and choppy with flows from local and foreign institutions directing the market," the analyst said.
Global turmoil, unimpressive results pull down KSE-100
Overall, trading volumes decreased to 115.9 million shares compared with Monday's tally of 147.6 million. The value of shares traded during the day was Rs4.5 billion.
Shares of 341 companies were traded. At the end of the day, 190 stocks closed higher, 133 declined while 18 remained unchanged.
WorldCall Telecom was the volume leader with 22.5 million shares, gaining Rs0.07 to close at Rs2.10. It was followed by Unity Foods with 7.8 million shares, gaining Rs2.08 to close at Rs43.7 and At-Tahur Limited with 7.2 million shares, gaining Rs1.45 to close at Rs31.42.
Foreign institutional investors were net sellers of Rs172.3 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.