Market watch: Brakes applied to upward thrust as stocks dip
Benchmark KSE-100 index falls 16.79 points.
Benchmark KSE-100 index falls 16.79 points .
KARACHI:
The KSE-index ended almost at the same level as the slowdown in momentum led investors to resort to profit-taking.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.07% or 16.79 points to end at 23,784.18 points.
“Despite substantial foreign inflow yesterday and throughout November, equities (on Thursday) had a slow start reflecting the nervous sentiment at current levels and traded the entire day in a narrow band of 100 points,” said Muhammad Raza Rawjani of Elixir Securities.
“PTCL (+0.5%) continued to lead volume charts backed by reported foreign buying after the stock closed above a major resistance level this week. Likewise, momentum play continued in DG Khan Cement (DGKC PA +1.1%), while profit-taking in Nishat Mills (NML PA -3.6%) kept the stock under pressure. Likewise, reports that Omung, a product by Engro Foods (EDOODS PA -3.9%) had been banned by the Punjab Food Regulatory Authority after it was found to contain substandard contents pushed the company and its parent Engro Corp (ENGRO PA -2.9%) into the red.”
“Engro and Engro Foods were the villains of the day as a lower than expected strike price for Engro Fertilizer and news reports of the latter’s products being banned by the Punjab Food Authority affected prices of both the companies. Defensive dividend and currency hedge plays remained the flavour of the day as Hub Power Company (+2.5%) and Oil and Gas Development Company (OGDC +0.4%) saw positive closings,” said Ovais Ahsan of JS Global Securities.
Trade volumes fell to 144 million shares compared with Wednesday’s tally of 245 million shares.
The value of shares traded during the day was Rs7.5billion.
PTCL was the volume leader with 16.7 million shares gaining Rs0.14 to finish at Rs30.05. It was followed by Pak Elecktron Limited with 8.8 million shares losing Rs0.56 to close at Rs16.77 and Engro Corporation with 8.5 million shares declining Rs4.35 to close at Rs143.53.
Foreign institutional investors were net buyers of Rs21 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 22nd, 2013.
The KSE-index ended almost at the same level as the slowdown in momentum led investors to resort to profit-taking.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.07% or 16.79 points to end at 23,784.18 points.
“Despite substantial foreign inflow yesterday and throughout November, equities (on Thursday) had a slow start reflecting the nervous sentiment at current levels and traded the entire day in a narrow band of 100 points,” said Muhammad Raza Rawjani of Elixir Securities.
“PTCL (+0.5%) continued to lead volume charts backed by reported foreign buying after the stock closed above a major resistance level this week. Likewise, momentum play continued in DG Khan Cement (DGKC PA +1.1%), while profit-taking in Nishat Mills (NML PA -3.6%) kept the stock under pressure. Likewise, reports that Omung, a product by Engro Foods (EDOODS PA -3.9%) had been banned by the Punjab Food Regulatory Authority after it was found to contain substandard contents pushed the company and its parent Engro Corp (ENGRO PA -2.9%) into the red.”
“Engro and Engro Foods were the villains of the day as a lower than expected strike price for Engro Fertilizer and news reports of the latter’s products being banned by the Punjab Food Authority affected prices of both the companies. Defensive dividend and currency hedge plays remained the flavour of the day as Hub Power Company (+2.5%) and Oil and Gas Development Company (OGDC +0.4%) saw positive closings,” said Ovais Ahsan of JS Global Securities.
Trade volumes fell to 144 million shares compared with Wednesday’s tally of 245 million shares.
The value of shares traded during the day was Rs7.5billion.
PTCL was the volume leader with 16.7 million shares gaining Rs0.14 to finish at Rs30.05. It was followed by Pak Elecktron Limited with 8.8 million shares losing Rs0.56 to close at Rs16.77 and Engro Corporation with 8.5 million shares declining Rs4.35 to close at Rs143.53.
Foreign institutional investors were net buyers of Rs21 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 22nd, 2013.