Market watch: Index’s slide continues amid fear of foreign selling
Benchmark KSE-100 index falls 59.11 points.
Nestle Pakistan (NESTLE PA +5%) hit the upper price circuit after declining by around 31% in the last one month. PHOTO: PPI/FILE
KARACHI:
The index traded mixed as investors opted to remain on the sidelines over fears of further foreign selling after two days of net selling.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.23% or 59.11 points to end at 25,500.50.
“While the index spent most of the day in negative territory, Pakistan State Oil (PSO PA +0.94%) remained buoyant with the market expecting an upward revision in Oil Marketing Companies’ margins in the upcoming Economic Coordination Committee meeting,” said Jawwad Aboobakar, an Elixir Securities’ market analyst.
“Some buying was witnessed in financials, especially Bank Alfalah (BAFL PA +1.2%) on good payout expectations.”
However, fertilisers remained laggard despite morning news of Rs40 per bag price increase, with Fauji Fertilizer (FFC PA +0.7%) closing flat and Engro Corporation (Engro PA -0.24%).
Lucky Cement (LUCK PA +0.43%) announced half yearly financial results, posting an EPS of Rs15.96, up 20% year-on-year, slightly below expectations.
Finally, Nestle Pakistan (NESTLE PA +5%) hit the upper price circuit after declining by around 31% in the last one month.
“We advise investors to take advantage of weakness in value plays and recommend building positions particularly in Bank Alfalah, Nishat Mills Limited, United Bank Limited, Pakistan Petroleum Limited, Pakistan State Oil, Oil and Gas Development Company, Hub Power Co and Nishat Chunian Power Limited,” said Aboobakar.
Trade volumes fell to 176 million shares compared with Tuesday’s tally of 226 million.
Shares of 382 companies were traded on Wednesday. At the end of the day, 120 stocks closed higher, 250 declined while 12 remained unchanged. The value of shares traded during the day was Rs5.4 billion.
The Bank of Punjab(R) was the volume leader with 19.89 million shares, losing Rs0.08 to finish at Rs0.45. It was followed by Adamjee Insurance with 10.09 million shares, gaining Rs0.24 to close at Rs41.91 and TRG Pakistan Limited with 10.01 shares, gaining Rs0.65 to close at Rs59.04.
Foreign institutional investors were net sellers of Rs75 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 27th, 2014.
The index traded mixed as investors opted to remain on the sidelines over fears of further foreign selling after two days of net selling.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.23% or 59.11 points to end at 25,500.50.
“While the index spent most of the day in negative territory, Pakistan State Oil (PSO PA +0.94%) remained buoyant with the market expecting an upward revision in Oil Marketing Companies’ margins in the upcoming Economic Coordination Committee meeting,” said Jawwad Aboobakar, an Elixir Securities’ market analyst.
“Some buying was witnessed in financials, especially Bank Alfalah (BAFL PA +1.2%) on good payout expectations.”
However, fertilisers remained laggard despite morning news of Rs40 per bag price increase, with Fauji Fertilizer (FFC PA +0.7%) closing flat and Engro Corporation (Engro PA -0.24%).
Lucky Cement (LUCK PA +0.43%) announced half yearly financial results, posting an EPS of Rs15.96, up 20% year-on-year, slightly below expectations.
Finally, Nestle Pakistan (NESTLE PA +5%) hit the upper price circuit after declining by around 31% in the last one month.
“We advise investors to take advantage of weakness in value plays and recommend building positions particularly in Bank Alfalah, Nishat Mills Limited, United Bank Limited, Pakistan Petroleum Limited, Pakistan State Oil, Oil and Gas Development Company, Hub Power Co and Nishat Chunian Power Limited,” said Aboobakar.
Trade volumes fell to 176 million shares compared with Tuesday’s tally of 226 million.
Shares of 382 companies were traded on Wednesday. At the end of the day, 120 stocks closed higher, 250 declined while 12 remained unchanged. The value of shares traded during the day was Rs5.4 billion.
The Bank of Punjab(R) was the volume leader with 19.89 million shares, losing Rs0.08 to finish at Rs0.45. It was followed by Adamjee Insurance with 10.09 million shares, gaining Rs0.24 to close at Rs41.91 and TRG Pakistan Limited with 10.01 shares, gaining Rs0.65 to close at Rs59.04.
Foreign institutional investors were net sellers of Rs75 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 27th, 2014.