Market watch : Fall continues for the stock exchange
Benchmark KSE-100 index down 21.57 points.
Trade volumes fell to 165 million shares compared with Wednesday’s tally of 176 million for the all share index. PHOTO: FILE/AFP
KARACHI:
It was another listless day at the local bourse with the index closing down in red.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.08% or 21.57 points to end at 25,478.93.
“Volumes for the day, at only 87.9million for KSE-100, were the lowest for the year reflecting that the investor sentiments hit near rock bottom,” said Muhammad Raza Rawjani from Elixir Securities.
“The only interest remained in fertilisers, pushing Fauji Fertilizer (FFC PA +0.5%) and Engro Corporation (ENGRO PA +1.1%) in green after the Rs40-per-bag price increase announced on Wednesday.
“Nishat group, Independent Power Producer Pakgen Power (PKGP PA +3.6%) and Lalpir Power (LPL PA +3%) reported results with both announcing cash dividend of Rs1.5 per share. The group also announced to submit a bid with the Punjab Power Development Board for setting up a 1,320MW coal based power plant.”
Meanwhile, Ovais Ahsan of JS Global said that the market swung between losses and gains as volatility remained a key feature for the session.
“The oil and gas sector was the major loser of the day as Pakistan Petroleum Limited (-1.0%) and Oil and Gas Development Company (-0.51%) led the decline.
“Habib Bank (+2.6%) jumped after announcing an EPS of Rs17.15, which was higher than the market expectation of Rs16.66/share, as revenues jumped by 9%.
“Engro Corporation (+1.07%) gained as hopes remained high that the Economic Coordination Committee will approve LNG imports that would benefit its LNG handling arm,” he said.
“The market is expected to remain in a consolidation phase as February futures contract expire and positions are rolled over in to the new contract,” concluded Ahsan.
Trade volumes fell to 165 million shares compared with Wednesday’s tally of 176 million for the all share index.
The value of shares traded during the day was Rs4.3 billion.
TRG Pakistan Limited was the volume leader with 23.0 million shares, gaining Rs0.89 to finish at Rs14.15. It was followed by The Bank of Punjab(R) with 20.9 million shares, losing Rs0.15 to close at Rs0.30 and Lafarge Pakistan with 10.1 shares, gaining Rs0.20 to close at Rs11.46.
Foreign institutional investors were net buyers of Rs316 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 28th, 2014.
It was another listless day at the local bourse with the index closing down in red.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.08% or 21.57 points to end at 25,478.93.
“Volumes for the day, at only 87.9million for KSE-100, were the lowest for the year reflecting that the investor sentiments hit near rock bottom,” said Muhammad Raza Rawjani from Elixir Securities.
“The only interest remained in fertilisers, pushing Fauji Fertilizer (FFC PA +0.5%) and Engro Corporation (ENGRO PA +1.1%) in green after the Rs40-per-bag price increase announced on Wednesday.
“Nishat group, Independent Power Producer Pakgen Power (PKGP PA +3.6%) and Lalpir Power (LPL PA +3%) reported results with both announcing cash dividend of Rs1.5 per share. The group also announced to submit a bid with the Punjab Power Development Board for setting up a 1,320MW coal based power plant.”
Meanwhile, Ovais Ahsan of JS Global said that the market swung between losses and gains as volatility remained a key feature for the session.
“The oil and gas sector was the major loser of the day as Pakistan Petroleum Limited (-1.0%) and Oil and Gas Development Company (-0.51%) led the decline.
“Habib Bank (+2.6%) jumped after announcing an EPS of Rs17.15, which was higher than the market expectation of Rs16.66/share, as revenues jumped by 9%.
“Engro Corporation (+1.07%) gained as hopes remained high that the Economic Coordination Committee will approve LNG imports that would benefit its LNG handling arm,” he said.
“The market is expected to remain in a consolidation phase as February futures contract expire and positions are rolled over in to the new contract,” concluded Ahsan.
Trade volumes fell to 165 million shares compared with Wednesday’s tally of 176 million for the all share index.
The value of shares traded during the day was Rs4.3 billion.
TRG Pakistan Limited was the volume leader with 23.0 million shares, gaining Rs0.89 to finish at Rs14.15. It was followed by The Bank of Punjab(R) with 20.9 million shares, losing Rs0.15 to close at Rs0.30 and Lafarge Pakistan with 10.1 shares, gaining Rs0.20 to close at Rs11.46.
Foreign institutional investors were net buyers of Rs316 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 28th, 2014.