Market watch: Market registers moderate gains in last session for week
Profit taking triggered by concerns over depleting forex reserves.
At the end of the day 169 stocks closed higher, 141 declined, while 40 remained unchanged.
KARACHI:
Mixed activity marked the last trading session of the week, as even though bullish investors kept the market upbeat for most of the day, profit taking near the day’s peak forced the market to close with only modest gains.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.09% or 16.85 points to end at the 18,631.21 points level. Trade volumes improved to 159 million shares, compared with Thursday’s tally of 147 million shares. The value of shares traded during the day was Rs6.37 billion.
“The index consolidated above the 18,600 points level, with volumes remaining healthy,” Topline Securities’ Senior Manager of Equity Sales Samar Iqbal remarked.
Shares of 350 companies were traded on Friday. At the end of the day 169 stocks closed higher, 141 declined, while 40 remained unchanged.
“Pakistan equities traded volatile near highs as traders opted to book profits before the weekend over concerns of depleting foreign reserves,” reported Harris Ahmed Batla from Elixir Securities. “Engro Corp led volume charts, as early excitement over its [now] operational urea plant shifted gears to profit taking on higher levels in the later part of the day. The National Bank of Pakistan held ground, keeping institutional interest alive as the stock continues to offer nearly 15% yield from current levels,” he added.
National Bank was the volume leader with 18.87 million shares, gaining Rs0.71 to finish at Rs41.77. It was followed by Engro Polymer with 14.21 million shares, gaining Rs0.31 to close at Rs11.77; and Engro Corporation with 12.47 million shares, losing Rs0.88 to close at Rs137.45.
“On the contrary, cements were seen under pressure, as recent price hike in cements is attributed to the rising transportation cost for the companies,” Batla added.
“Engro Foods was the star performer for today, adding 14.6 points to the index after rumours of it acquiring a local retail meat chain circulated the market,” said JS Global Capital analyst Khalil Usmani.
Foreign institutional investors were buyers of Rs542.64 million and sellers of Rs744.68 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 20th, 2013.
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Mixed activity marked the last trading session of the week, as even though bullish investors kept the market upbeat for most of the day, profit taking near the day’s peak forced the market to close with only modest gains.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.09% or 16.85 points to end at the 18,631.21 points level. Trade volumes improved to 159 million shares, compared with Thursday’s tally of 147 million shares. The value of shares traded during the day was Rs6.37 billion.
“The index consolidated above the 18,600 points level, with volumes remaining healthy,” Topline Securities’ Senior Manager of Equity Sales Samar Iqbal remarked.
Shares of 350 companies were traded on Friday. At the end of the day 169 stocks closed higher, 141 declined, while 40 remained unchanged.
“Pakistan equities traded volatile near highs as traders opted to book profits before the weekend over concerns of depleting foreign reserves,” reported Harris Ahmed Batla from Elixir Securities. “Engro Corp led volume charts, as early excitement over its [now] operational urea plant shifted gears to profit taking on higher levels in the later part of the day. The National Bank of Pakistan held ground, keeping institutional interest alive as the stock continues to offer nearly 15% yield from current levels,” he added.
National Bank was the volume leader with 18.87 million shares, gaining Rs0.71 to finish at Rs41.77. It was followed by Engro Polymer with 14.21 million shares, gaining Rs0.31 to close at Rs11.77; and Engro Corporation with 12.47 million shares, losing Rs0.88 to close at Rs137.45.
“On the contrary, cements were seen under pressure, as recent price hike in cements is attributed to the rising transportation cost for the companies,” Batla added.
“Engro Foods was the star performer for today, adding 14.6 points to the index after rumours of it acquiring a local retail meat chain circulated the market,” said JS Global Capital analyst Khalil Usmani.
Foreign institutional investors were buyers of Rs542.64 million and sellers of Rs744.68 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 20th, 2013.
Like Business on Facebook to stay informed and join in the conversation.