Market watch: Stock market ends in red as regional markets reverberate
Benchmark KSE-100 index falls 383 points.
TRG Pakistan Ltd. was the volume leader with 14.7 million shares, gaining Rs0.33 to finish at Rs15.17. PHOTO: PPI/FILE
KARACHI:
The stock market fell on the last day of the week as investors stepped cautiously fearing the effects from regional markets.
However, the drop could be temporary as investors adjust their portfolios because, according to JS Global, the bull-run is still technically in effect. Commodity markets worldwide are still waiting for the dust to settle following events in Ukraine before deciding on a course.
At the end of the day, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.41% percent or 383.03 points to end at 26,765.49 .
Trade volumes fell to 159 million shares compared with Thursday’s tally of 179 million.
Shares of 349 companies were traded on Friday. At the end of the day, 116 stocks closed higher, 213 declined while 20 remained unchanged. The value of shares traded during the day was Rs8.7 billion.
“The index plunged to 26,600 levels as Oil and Gas Development Company (OGDC PA -4.5%) drove bears to close index at a two-week low,” said Muhammad Sibtain Mustafa of Elixir Securities.
“Albeit on low volumes, the declines gained momentum in the second half as institutional investors sold aggressively to book gains and rebalance their portfolios.”
Meanwhile, Ahsan Mehanti of Arif Habib Corporation said stocks battered on institutional profit-taking. “Stocks battered following foreign selling in oil stocks on strong rupee appreciation impacting oil exploration and energy stocks recording turnover in dollars,” commented Mehanti.
“Concerns for dismal export outlook in cement and textile sector impacted the sentiments. Support remained in automobiles sector on strong sales outlook following revision in local rates.”
TRG Pakistan Ltd. was the volume leader with 14.7 million shares, gaining Rs0.33 to finish at Rs15.17. It was followed by Bank Alfalah with 11.6 million shares, losing Rs1.09 to close at Rs25.86 and Lafarge Pakistan with 9.4 million shares, gaining Rs0.11 to close at Rs11.24.
Foreign institutional investors were net sellers of Rs437 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, March 22nd, 2014.
The stock market fell on the last day of the week as investors stepped cautiously fearing the effects from regional markets.
However, the drop could be temporary as investors adjust their portfolios because, according to JS Global, the bull-run is still technically in effect. Commodity markets worldwide are still waiting for the dust to settle following events in Ukraine before deciding on a course.
At the end of the day, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.41% percent or 383.03 points to end at 26,765.49 .
Trade volumes fell to 159 million shares compared with Thursday’s tally of 179 million.
Shares of 349 companies were traded on Friday. At the end of the day, 116 stocks closed higher, 213 declined while 20 remained unchanged. The value of shares traded during the day was Rs8.7 billion.
“The index plunged to 26,600 levels as Oil and Gas Development Company (OGDC PA -4.5%) drove bears to close index at a two-week low,” said Muhammad Sibtain Mustafa of Elixir Securities.
“Albeit on low volumes, the declines gained momentum in the second half as institutional investors sold aggressively to book gains and rebalance their portfolios.”
Meanwhile, Ahsan Mehanti of Arif Habib Corporation said stocks battered on institutional profit-taking. “Stocks battered following foreign selling in oil stocks on strong rupee appreciation impacting oil exploration and energy stocks recording turnover in dollars,” commented Mehanti.
“Concerns for dismal export outlook in cement and textile sector impacted the sentiments. Support remained in automobiles sector on strong sales outlook following revision in local rates.”
TRG Pakistan Ltd. was the volume leader with 14.7 million shares, gaining Rs0.33 to finish at Rs15.17. It was followed by Bank Alfalah with 11.6 million shares, losing Rs1.09 to close at Rs25.86 and Lafarge Pakistan with 9.4 million shares, gaining Rs0.11 to close at Rs11.24.
Foreign institutional investors were net sellers of Rs437 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, March 22nd, 2014.