Market watch: Stock market crosses another milestone
Benchmark KSE-100 index rises 69.86 points.
Traders monitoring the share price at the Karachi Stock Exchange on Friday, December 6, 2013. PHOTO: PPI
KARACHI:
Continuing its strong upward trend, the benchmark KSE-100 index marched past another milestone of 25,000 before concluding yesterday’s session at an all-time high of 24,871.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.28% or 69.86 points to end at 24870.55.
JS Global Security analyst Wasi Khan said that investors were ‘actively’ participating as was evident through the higher trading volumes. “With no sign of weakness observed despite the technically over-bought state, the benchmark KSE-100 index marched past another milestone of 25,000,” said Khan. “Investors are actively participating in the market as witnessed by higher trading volumes, which indicates that the bullish tread is still intact.
“This is despite today’s news flow that the government is unlikely to meet FY14 fiscal deficit target due to its inability to achieve revenue target and expected slippages in subsidy and interest payments. The banking and cement sector remained in the limelight. Main movers today were OGDCL which established a new high around Rs285 and POL which breached the Rs500 level (Rs502 high).”
According to Elixir Security analyst Faisal Bilwani, gains of the stock market suffered a trim due to the activities of profit bookers. “The day started with system crossings in Bank Alfalah BAFL +2.02% that put financials on radar from the word go while National Bank of Pakistan NBP +2.7% also joined in and traded over 21 million shares by close on earnings and payout excitement,” said Bilwani.
“Energy names were disappointing while Fauij Fertilizer FFC +1.4% inched up on year end payout and off take excitement.”
Trade volumes rose to 241 million shares compared with Thursday’s tally of 188 million shares.
Shares of 359 companies were traded on the last trading session of the week. At the end of the day 180 stocks closed higher, 153 declined while 26 remained unchanged. The value of shares traded during the day was Rs11 billion.
Bank AlFalah was the volume leader with 35 million shares gaining Rs0.15 to finish at Rs25.82. It was followed by National Bank with 21.27 million shares gaining Rs1.47 to close at Rs55.90 and PTCL with 15.4 million shares declining Rs0.01 to close at Rs30.33.
Foreign institutional investors were net sellers of Rs420 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 7th, 2013.
Continuing its strong upward trend, the benchmark KSE-100 index marched past another milestone of 25,000 before concluding yesterday’s session at an all-time high of 24,871.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.28% or 69.86 points to end at 24870.55.
JS Global Security analyst Wasi Khan said that investors were ‘actively’ participating as was evident through the higher trading volumes. “With no sign of weakness observed despite the technically over-bought state, the benchmark KSE-100 index marched past another milestone of 25,000,” said Khan. “Investors are actively participating in the market as witnessed by higher trading volumes, which indicates that the bullish tread is still intact.
“This is despite today’s news flow that the government is unlikely to meet FY14 fiscal deficit target due to its inability to achieve revenue target and expected slippages in subsidy and interest payments. The banking and cement sector remained in the limelight. Main movers today were OGDCL which established a new high around Rs285 and POL which breached the Rs500 level (Rs502 high).”
According to Elixir Security analyst Faisal Bilwani, gains of the stock market suffered a trim due to the activities of profit bookers. “The day started with system crossings in Bank Alfalah BAFL +2.02% that put financials on radar from the word go while National Bank of Pakistan NBP +2.7% also joined in and traded over 21 million shares by close on earnings and payout excitement,” said Bilwani.
“Energy names were disappointing while Fauij Fertilizer FFC +1.4% inched up on year end payout and off take excitement.”
Trade volumes rose to 241 million shares compared with Thursday’s tally of 188 million shares.
Shares of 359 companies were traded on the last trading session of the week. At the end of the day 180 stocks closed higher, 153 declined while 26 remained unchanged. The value of shares traded during the day was Rs11 billion.
Bank AlFalah was the volume leader with 35 million shares gaining Rs0.15 to finish at Rs25.82. It was followed by National Bank with 21.27 million shares gaining Rs1.47 to close at Rs55.90 and PTCL with 15.4 million shares declining Rs0.01 to close at Rs30.33.
Foreign institutional investors were net sellers of Rs420 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 7th, 2013.