Market watch: Amid range-bound trading, KSE-100 sheds 126 points
Benchmark index decreases 0.31% to settle at 40,909.91
Benchmark index decreases 0.31% to settle at 40,909.91. PHOTO: AFP
KARACHI:
The stock market failed to sustain the gains made in the previous session and shed 126 points on Wednesday as investors remained on the sidelines awaiting further clarity on the economic front.
In the morning, trading began on a positive note and the index crossed 41,100 points, but absence of positive triggers made the session lacklustre and dragged the index down. Major stocks including those of automobile, exploration and production and fertiliser companies fell during the day.
At close, the benchmark KSE 100-share Index recorded a decrease of 126.39 points or 0.31% to settle at 40,909.91.
Elixir Securities' analyst Murtaza Jafar said equities continued to trade in a narrow band with reported heavy selling by foreign institutional investors in Oil and Gas Development Company (-0.71%) and Packages Limited (-0.26%) as investors awaited policy direction from the Pakistan Tehreek-e-Insaf (PTI) government.
Market watch: KSE-100 ends flat, gains just 32 points
"Elixir Research projects a hike of 50 basis points (bps) in the upcoming monetary policy announcement (scheduled for Friday) while street expectations go up to 100 bps," he said.
This, along with successful negotiations with the International Monetary Fund (IMF) over a loan package, should help investors regain confidence as they were currently concerned about fast depleting foreign exchange reserves and the potential for further rupee depreciation. An IMF delegation is arriving in Pakistan on Thursday.
"Nishat Mills (-0.44%) announced its FY18 result, posting consolidated earnings per share of Rs20.7 along with cash dividend of Rs4.75 per share; the profitability growth was unexciting despite rupee depreciation," the analyst added.
Market watch: KSE-100 falls 316 points amid cautious trading
Overall, trading volumes increased to 126.4 million shares compared with Tuesday's tally of 101.7 million. The value of shares traded during the day was Rs4.4 billion.
Shares of 370 companies were traded. At the end of the day, 104 stocks closed higher, 237 declined and 29 remained unchanged.
Dolmen City (XD) was the volume leader with 20.2 million shares, gaining Rs0.04 to close at Rs12.76. It was followed by Unity Foods with 8.04 million shares, losing Rs1.51 to close at Rs34.39 and Lotte Chemical with 6.4 million shares, losing Rs0.13 to close at Rs13.72.
Foreign institutional investors were net sellers of Rs762.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The stock market failed to sustain the gains made in the previous session and shed 126 points on Wednesday as investors remained on the sidelines awaiting further clarity on the economic front.
In the morning, trading began on a positive note and the index crossed 41,100 points, but absence of positive triggers made the session lacklustre and dragged the index down. Major stocks including those of automobile, exploration and production and fertiliser companies fell during the day.
At close, the benchmark KSE 100-share Index recorded a decrease of 126.39 points or 0.31% to settle at 40,909.91.
Elixir Securities' analyst Murtaza Jafar said equities continued to trade in a narrow band with reported heavy selling by foreign institutional investors in Oil and Gas Development Company (-0.71%) and Packages Limited (-0.26%) as investors awaited policy direction from the Pakistan Tehreek-e-Insaf (PTI) government.
Market watch: KSE-100 ends flat, gains just 32 points
"Elixir Research projects a hike of 50 basis points (bps) in the upcoming monetary policy announcement (scheduled for Friday) while street expectations go up to 100 bps," he said.
This, along with successful negotiations with the International Monetary Fund (IMF) over a loan package, should help investors regain confidence as they were currently concerned about fast depleting foreign exchange reserves and the potential for further rupee depreciation. An IMF delegation is arriving in Pakistan on Thursday.
"Nishat Mills (-0.44%) announced its FY18 result, posting consolidated earnings per share of Rs20.7 along with cash dividend of Rs4.75 per share; the profitability growth was unexciting despite rupee depreciation," the analyst added.
Market watch: KSE-100 falls 316 points amid cautious trading
Overall, trading volumes increased to 126.4 million shares compared with Tuesday's tally of 101.7 million. The value of shares traded during the day was Rs4.4 billion.
Shares of 370 companies were traded. At the end of the day, 104 stocks closed higher, 237 declined and 29 remained unchanged.
Dolmen City (XD) was the volume leader with 20.2 million shares, gaining Rs0.04 to close at Rs12.76. It was followed by Unity Foods with 8.04 million shares, losing Rs1.51 to close at Rs34.39 and Lotte Chemical with 6.4 million shares, losing Rs0.13 to close at Rs13.72.
Foreign institutional investors were net sellers of Rs762.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.