Market watch: Index closes above 28,500
Benchmark KSE-100 index gains 116.70 points.
JS Global analyst Fahad M Ali said that volumes remained lacklustre with government planning additional taxes in the upcoming budget. PHOTO: AFP/FILE
KARACHI:
Amid budget preparations and ambiguity regarding the monetary policy, the index registered a high, closing above the 28,500 level.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.41% or 116.70 points to end at 28,528.19.
However, Elixir Securities analyst Faisal Bilwani said that volumes continued to remain disappointing. “They remained low in absence of broad-based interest,” said Bilawni. “Investors remained selective nonetheless fresh liquidity did channel through in energy and financials.”
National Bank (NBP) gained on local buying , DG Khan Cement (DGKC) closed at lowest levels since December last year on reported foreigners’ selling while small cap names in the sector continued to see retail driven activity.
“Oil marketing company Hascol Petroleum (HASCOL) +5% closed at upper price limit with shares exchanging hands off market as high as 22% above IPO price.”
Bilwani concluded foreign inflows remain crucial to sustain current levels. However, local institutional activity can also lead to a pre-budget rally and push market to test 29,000.
JS Global analyst Fahad M Ali said that volumes remained lacklustre with government planning additional taxes in the upcoming budget.
Ali added that the pharma sector performed well as key players hit their upper circuits. “Banking sector remained volatile as State Bank data showed slowdown in deposit growth and uncertainty about the upcoming monetary policy.”
Trade volumes fell to 108 million shares compared with Tuesday’s tally of 121 million shares.
The value of shares traded during the day was Rs4.47 billion.
Byco Petroleum was the volume leader with 15 million shares, gaining Rs0.06 to finish at Rs11.68. It was followed by Jahangir Siddiqui and Company with 7.1 million shares, gaining Rs0.39 to close at Rs11.61 and Pervez Ahmed with 6.2 million shares, declining Rs0.80 to close at Rs5.38.
Foreign institutional investors were net buyers of Rs733 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 15th, 2014.
Amid budget preparations and ambiguity regarding the monetary policy, the index registered a high, closing above the 28,500 level.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.41% or 116.70 points to end at 28,528.19.
However, Elixir Securities analyst Faisal Bilwani said that volumes continued to remain disappointing. “They remained low in absence of broad-based interest,” said Bilawni. “Investors remained selective nonetheless fresh liquidity did channel through in energy and financials.”
National Bank (NBP) gained on local buying , DG Khan Cement (DGKC) closed at lowest levels since December last year on reported foreigners’ selling while small cap names in the sector continued to see retail driven activity.
“Oil marketing company Hascol Petroleum (HASCOL) +5% closed at upper price limit with shares exchanging hands off market as high as 22% above IPO price.”
Bilwani concluded foreign inflows remain crucial to sustain current levels. However, local institutional activity can also lead to a pre-budget rally and push market to test 29,000.
JS Global analyst Fahad M Ali said that volumes remained lacklustre with government planning additional taxes in the upcoming budget.
Ali added that the pharma sector performed well as key players hit their upper circuits. “Banking sector remained volatile as State Bank data showed slowdown in deposit growth and uncertainty about the upcoming monetary policy.”
Trade volumes fell to 108 million shares compared with Tuesday’s tally of 121 million shares.
The value of shares traded during the day was Rs4.47 billion.
Byco Petroleum was the volume leader with 15 million shares, gaining Rs0.06 to finish at Rs11.68. It was followed by Jahangir Siddiqui and Company with 7.1 million shares, gaining Rs0.39 to close at Rs11.61 and Pervez Ahmed with 6.2 million shares, declining Rs0.80 to close at Rs5.38.
Foreign institutional investors were net buyers of Rs733 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 15th, 2014.