Business

Market watch : A dull end to an otherwise spectacular year

Benchmark KSE-100 index falls 22.82 points.

Our Correspondent December 31, 2013

KARACHI: The index witnessed a lacklustre session with low volumes traded at the bourse as the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.09% or 22.82 points to end at 25,261.14.

According to Fareesa Baig of Elixir Securities, most activity was seen in mid cap cement and textile names over continued interest from retail investors in Fauji Cement (FCCL PA -0.3%), Maple Leaf Cement (MLCF PA +0.18%) and Azgard Nine (ANL PA -1.2%).

Financials traded mixed, while also managing to hold ground over the year-end payout and earnings excitement with Habib Bank Limited (HBL PA +1.9%), Bank Al Habib Limited (BAHL PA +1.12%) and United Bank Limited (PA +0.4%) among the top gainers. Pakistan Telecommunication Company Limited (PTCL PA +0.82%) closed in green after managing to rebound after a decline of over 10.6% during the last three trading sessions, said the analyst.

Meanwhile, JS Global Securities analyst Fahad Ali said that activity throughout the day remained dull as most of the institutional and retail investors chose for their money to be invested from next year.

He said the absence of most foreign investors in the market kept index range bound with less volatility.

Trade volumes fell to 160 million shares compared with Monday’s tally of 194 million.

Shares of 403 companies were traded on Tuesday. At the end of the day, 236 stocks closed higher, 146 declined while 21 remained unchanged. The value of shares traded during the day was Rs4.6 billion.

Fauji Cement was the volume leader with 9.3 million shares, losing Rs0.07 to finish at Rs15.95.It was followed by Azgard Nine with 9.0 million shares, losing Rs0.09 to close at Rs7.14 and PTCL with 7.4 million shares, gaining Rs0.23 to close at Rs28.44.

Foreign institutional investors were net sellers of Rs476 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, January 1^st, 2014.

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