Business

Mareket watch : Market ends week near 18,000 points

Investors cautiously optimistic; cement sector back in limelight.

Our Correspondent March 23, 2013 1 min read

Shares of 350 companies were traded on Friday. At the end of the day 164 stocks closed higher, 136 declined while 50 remained unchanged. PHOTO: FILE

KARACHI: The market continued on its upward momentum on the last trading session of the week amid markedly lower investor participation.

“Market witnessed thin trading as investors are waiting for the announcement of a caretaker prime minister,” reported Topline Securities’ Head of Equity Sales Samar Iqbal, “while interest remained alive in cement and fertiliser stocks amid hopes of better March results.”

The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled up 0.28% or 49.49 points to end at the 17,963.11 points level. Trade volumes dropped to 161 million shares, compared with Thursday’s tally of 234 million shares. The value of shares traded during the day was Rs6.03 billion.

Foreign institutional investors were net buyers of Rs81.27 million worth of securities, according to data maintained by the National Clearing Company of Pakistan Limited.

“Recovery in global stocks and commodities, hopes for early resolution of the caretaker prime minister nomination issue, higher textile sector exports data for July-February 2013 and higher local cement prices affected sentiments,” reported Arif Habib Corp analyst Ahsan Mehanti.

Shares of 350 companies were traded on Friday. At the end of the day 164 stocks closed higher, 136 declined while 50 remained unchanged.

“Though the day started slow, activity picked up in the second half as cements geared up on expectation of robust off-take in March, with DG Khan Cement leading the volumes chart,” commented Sibtain Mustafa from Elixir Securities. “Overall, institutions were net sellers, as they see economic concerns going forward will tame bullish investors.”

Wateen Telecom was the volume leader with 16.23 million shares, gaining Rs0.38 to finish at Rs3.59. It was followed by TRG Pakistan with 15.11 million shares, gaining Rs0.18 to close at Rs7.46; and DG Khan Cement with 11.51 million shares, gaining Rs0.30 to close at Rs69.26.

“We expect the market to remain choppy and trade in a 5% band,” continued Mustafa, “as economic issues will likely take central stage in the weeks ahead, while politics is likely to remain the key theme.”

Published in The Express Tribune, March 23^rd, 2013.

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