Market watch: Index peaks but falls at day end
Benchmark KSE-100 index decreases 18.46 points.
Benchmark KSE-100 index decreases 18.46 points.
KARACHI:
The stock market witnessed a record high before losing points gained during the day to close a little below 24,000.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.08% or 18.46 points to end at 23,800.97 points.
“KSE-100 kicked off on an optimistic note and hit a major milestone of 24,000 points,” said Fareesa Baig of Elixir Securities. “However, late selling in index names pushed it to close marginally negative near 23,800.
“Engro Corporation (ENGRO PA -4%) witnessed profit taking from the start, after gaining around 21.6% during this month alone. Meanwhile, cement and textile names DG Khan (DGKC PA +2.4%), Lucky Cement (LUCK PA +1.2%), Nishat Mills (NML PA +2.2%) gained strength as anticipated. Pakistan Telecommunication Company Limited (PTCL) led the market as investors remained optimistic towards early resolutions of the Etisalat issue while expecting the earnings to come up significantly.”
Trade volumes rose to 245 million shares compared with Tuesday’s tally of 209 million shares.
The value of shares traded during the day was Rs10.9 billion.
PTCL was the volume leader with 48 million shares gaining Rs0.58 to finish at Rs29.91. It was followed by Fauji Cement with 13 million shares gaining Rs0.05 to close at Rs13.07 and Pakistan International Airlines with 12.9 million shares gaining Rs0.33 to close at Rs7.89.
Foreign institutional investors were net buyers of Rs489 million through the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 21st, 2013.
The stock market witnessed a record high before losing points gained during the day to close a little below 24,000.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.08% or 18.46 points to end at 23,800.97 points.
“KSE-100 kicked off on an optimistic note and hit a major milestone of 24,000 points,” said Fareesa Baig of Elixir Securities. “However, late selling in index names pushed it to close marginally negative near 23,800.
“Engro Corporation (ENGRO PA -4%) witnessed profit taking from the start, after gaining around 21.6% during this month alone. Meanwhile, cement and textile names DG Khan (DGKC PA +2.4%), Lucky Cement (LUCK PA +1.2%), Nishat Mills (NML PA +2.2%) gained strength as anticipated. Pakistan Telecommunication Company Limited (PTCL) led the market as investors remained optimistic towards early resolutions of the Etisalat issue while expecting the earnings to come up significantly.”
Trade volumes rose to 245 million shares compared with Tuesday’s tally of 209 million shares.
The value of shares traded during the day was Rs10.9 billion.
PTCL was the volume leader with 48 million shares gaining Rs0.58 to finish at Rs29.91. It was followed by Fauji Cement with 13 million shares gaining Rs0.05 to close at Rs13.07 and Pakistan International Airlines with 12.9 million shares gaining Rs0.33 to close at Rs7.89.
Foreign institutional investors were net buyers of Rs489 million through the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 21st, 2013.