Market watch: Stock market ends higher after volatile session
Benchmark KSE-100 index rises 33.94 points.
The volatility in the stock market may subside further into the week as result season comes to a close, and investors step away from profit-taking which leads to fluctuations in the market. PHOTO: ONLINE/FILE
KARACHI:
The stock market was volatile on Wednesday at the tail end of result season as the last few companies posted their earnings reports for the quarter.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.15% or 33.94 points to end at 22,310.59 points.
“Pakistan equities closed little changed on low volumes after experiencing a rather volatile trading day with activity mainly guided by flows,” said Fareesa Baig.
“Among the major triggers today was the earnings announcement by Fauji Fertilizer (FFC PA +2.9%) that met expectations, pleasantly surprising investors with a Rs4.1 per share cash payout. Oil names Pakistan Petroleum (PPL PA +2.3%) and Oil and Gas Development Company (OGDC PA +0.9%) were seen gaining strength on reported foreigners’ buying, while financials remained relatively muted as investors await Friday’s inflation reading that will set the tone for the monetary policy expected in mid November,” Baig added.
The volatility in the stock market may subside further into the week as result season comes to a close, and investors step away from profit-taking which leads to fluctuations in the market.
Trade volumes rose to 91 million shares compared with Tuesday’s tally of 80 million shares.
Shares of 327 companies were traded on Wednesday. At the end of the day 108 stocks closed higher, 190 declined while 29 remained unchanged. The value of shares traded during the day was Rs3.74 billion.
Bank of Punjab was the volume leader with 8 million shares losing Rs0.05 to finish at Rs10.19. It was followed by Pakistan Telecommunication Company Limited with 6.57 million shares losing Rs0.46 to close at Rs26 and Fauji Cement with 6.42 million shares losing Rs0.51 to close at Rs11.2
Foreign institutional investors were net buyers of Rs397 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 31st, 2013.
The stock market was volatile on Wednesday at the tail end of result season as the last few companies posted their earnings reports for the quarter.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.15% or 33.94 points to end at 22,310.59 points.
“Pakistan equities closed little changed on low volumes after experiencing a rather volatile trading day with activity mainly guided by flows,” said Fareesa Baig.
“Among the major triggers today was the earnings announcement by Fauji Fertilizer (FFC PA +2.9%) that met expectations, pleasantly surprising investors with a Rs4.1 per share cash payout. Oil names Pakistan Petroleum (PPL PA +2.3%) and Oil and Gas Development Company (OGDC PA +0.9%) were seen gaining strength on reported foreigners’ buying, while financials remained relatively muted as investors await Friday’s inflation reading that will set the tone for the monetary policy expected in mid November,” Baig added.
The volatility in the stock market may subside further into the week as result season comes to a close, and investors step away from profit-taking which leads to fluctuations in the market.
Trade volumes rose to 91 million shares compared with Tuesday’s tally of 80 million shares.
Shares of 327 companies were traded on Wednesday. At the end of the day 108 stocks closed higher, 190 declined while 29 remained unchanged. The value of shares traded during the day was Rs3.74 billion.
Bank of Punjab was the volume leader with 8 million shares losing Rs0.05 to finish at Rs10.19. It was followed by Pakistan Telecommunication Company Limited with 6.57 million shares losing Rs0.46 to close at Rs26 and Fauji Cement with 6.42 million shares losing Rs0.51 to close at Rs11.2
Foreign institutional investors were net buyers of Rs397 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 31st, 2013.