Market watch: Index settles just below 25,300 after volatile day
Benchmark KSE-100 index rises 42.57 points.
Fauji Cement was the volume leader with 17.7 million shares, gaining Rs0.37 to finish at Rs14.30. PHOTO: INP
KARACHI:
The stock market closed positive despite losing ground from intraday highs as local institutions booked profits.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.17 % or 42.57 points to end at 25,299.27.
JS Global Capital analyst Ovais Ahsan said the cement sector rallied, led by Lucky Cement (+2.1%) as the largest building material maker in the country gained on expectations of Rs5 to 10 price hike ahead of gas tariff hikes.
“Fauji Fertilizer Bin Qasim (FFBL PA +5.0%) hit its upper circuit price as the sole di-ammonium phosphate producer gained on anticipation of a strong last quarter and final year dividend expectation of over Rs3,” said Ahsan. “Pakistan State Oil (+1.7%) rallied on the back the Pakistan Institute of Development Economics (PIDE) recommending an increase in the margin of oil marketing companies.”
Meanwhile, according to Faisal Bilwani of Elixir Securities, Pakistan equities closed marginally positive on a day that tested nerves with momentum at one point indicating a possible 25,500 breach. However, bears got the upper hand and strong resistance at 25,400 pulled the KSE-100 index that eventually settled just below 25,300.
“Rumours of a large block going through in Engro Foods (EFOODS +2.4%) at a premium, boosted confidence,” said Bilwani. “However, strong speculative activity and jobbers squaring positions before day close resulted in trimmed gains by closing bell.”
Trade volumes fell to a level of 278 million shares compared with Friday’s tally of 339 million.
Shares of 381 companies were traded on Monday. At the end of the day, 202 stocks closed higher, 156 declined while 23 remained unchanged. The value of shares traded during the day was Rs10 billion.
Fauji Cement was the volume leader with 17.7 million shares, gaining Rs0.37 to finish at Rs14.30. It was followed by Azgard Nine with 16.8 million shares, losing Rs0.19 to close at Rs7.62 and Jahangir Siddiqui with 14.1 million shares, gaining Rs0.47 to close at Rs4.56.
Foreign institutional investors were net buyers of Rs167 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 17th, 2013.
The stock market closed positive despite losing ground from intraday highs as local institutions booked profits.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.17 % or 42.57 points to end at 25,299.27.
JS Global Capital analyst Ovais Ahsan said the cement sector rallied, led by Lucky Cement (+2.1%) as the largest building material maker in the country gained on expectations of Rs5 to 10 price hike ahead of gas tariff hikes.
“Fauji Fertilizer Bin Qasim (FFBL PA +5.0%) hit its upper circuit price as the sole di-ammonium phosphate producer gained on anticipation of a strong last quarter and final year dividend expectation of over Rs3,” said Ahsan. “Pakistan State Oil (+1.7%) rallied on the back the Pakistan Institute of Development Economics (PIDE) recommending an increase in the margin of oil marketing companies.”
Meanwhile, according to Faisal Bilwani of Elixir Securities, Pakistan equities closed marginally positive on a day that tested nerves with momentum at one point indicating a possible 25,500 breach. However, bears got the upper hand and strong resistance at 25,400 pulled the KSE-100 index that eventually settled just below 25,300.
“Rumours of a large block going through in Engro Foods (EFOODS +2.4%) at a premium, boosted confidence,” said Bilwani. “However, strong speculative activity and jobbers squaring positions before day close resulted in trimmed gains by closing bell.”
Trade volumes fell to a level of 278 million shares compared with Friday’s tally of 339 million.
Shares of 381 companies were traded on Monday. At the end of the day, 202 stocks closed higher, 156 declined while 23 remained unchanged. The value of shares traded during the day was Rs10 billion.
Fauji Cement was the volume leader with 17.7 million shares, gaining Rs0.37 to finish at Rs14.30. It was followed by Azgard Nine with 16.8 million shares, losing Rs0.19 to close at Rs7.62 and Jahangir Siddiqui with 14.1 million shares, gaining Rs0.47 to close at Rs4.56.
Foreign institutional investors were net buyers of Rs167 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 17th, 2013.