Market watch: KSE-100 ends flat, gains just 32 points

Benchmark index edges up 0.08% to settle at 41,036.30


Our Correspondent September 25, 2018
Benchmark index edges up 0.08% to settle at 41,036.30. PHOTO: FILE

KARACHI: The stock market experienced a lacklustre trading session on Tuesday as the benchmark index oscillated between red and green zones and ended the day marginally positive at 41,036.

The index started the day upwards, hitting an intra-day high of 188.63 points. However, the market remained directionless with no major interest from investors, who waited for policy actions on the part of the government to address external account challenges.

However, a rise in crude oil prices and expectation of increase in policy rate in the upcoming monetary policy announcement generated positive activity in related sectors including exploration and production stocks.

At close, the benchmark KSE 100-share Index recorded an increase of 31.75 points or 0.08% to settle at 41,036.30.

Market watch: KSE-100 falls 316 points amid cautious trading

Elixir Securities’ analyst Murtaza Jafar said equities closed marginally positive with the benchmark KSE-100 index settling above the 41,000 mark.

“The market kicked off positive, however, thin volumes on the main board resulted in the index trading in the range of 236 points and closing slightly positive,” he said.

Major activity was witnessed in cement and oil stocks as Brent crude oil crossed $80 per barrel in the global market.

Mari Petroleum (+2.79%), Pakistan Oilfields (+2.11%), Lucky Cement (+1.61%), DG Khan Cement (+1.32%) and Maple Leaf Cement (+3.27%) collectively contributed 88 points to the index.

Dolmen City REIT (-0.55%) announced its FY18 result, posting earnings per share of Rs2.27.

“Going forward, we expect the market to take cue from [Tuesday’s] ECC meeting, where tough decision on the rise in electricity tariff was on the agenda,” the analyst added.

Market watch: KSE-100 slips below 41,000 as foreigners continue to sell

Overall, trading volumes increased to 101.7 million shares compared with Monday’s tally of 98.6 million. The value of shares traded during the day was Rs4.5 billion.

Shares of 367 companies were traded. At the end of the day, 141 stocks closed higher, 206 declined and 20 remained unchanged.

Unity Foods was the volume leader with 9.4 million shares, gaining Rs0.27 to close at Rs35.9. It was followed by Aisha Steel Mills with 6.3 million shares, losing Rs0.30 to close at Rs13 and TRG Pakistan with 5.4 million shares, losing Rs0.61 to close at Rs28.43.

Foreign institutional investors were net buyers of Rs145.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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