Batla predicted that activity will remain on the lower side as investors seek clarity over capital gains tax and the amnesty scheme in the upcoming budget due June 3, 2014. PHOTO: ONLINE/FILE
The stock market continued its range-restricted activity as the upcoming budget kept the bourse uncertain and indicated lack of investor interest.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.05% or 14.45 points to end at 28,756.00.
Elixir Securities analyst Harris Ahmed Batla said the index experienced another lacklustre session. “Pakistan equities remained flat on Friday,” said Batla. “Pre-budget snooze and absence of any significant news kept local institutions on the sidelines.”
However, according to Batla, small and mid-cap retail players continued to dominate volume charts with K-Electric (KEL) +0.65%, Pakistan International Airline (PIA) +2.1% and TRG Pakistan (TRG) -0.75% leading.
“Acquisition story on Lafarge Cement (LPCL) +0.78% continued to generate interest in the stock as investors placed bets on the price outcome as four bidders, Bestway Cement (BWCL), DG Khan Cement (DGKC) +0.04%, Kohat Cement (KOHC) -2.2% and Pioneer Cement (PIOC) -0.05% compete to acquire shareholding in the said entity.”
Batla predicted that activity will remain on the lower side as investors seek clarity over capital gains tax and the amnesty scheme in the upcoming budget due June 3, 2014.
Trade volumes fell to 135 million shares compared with Thursday’s tally of 145 million.
Shares of 339 companies were traded on the last trading session of the week. At the end of the day, 156 stocks closed higher, 160 declined while 23 remained unchanged. The value of shares traded during the day was Rs4.88 billion.
Pakistan International Bulk Terminal Limited was the volume leader with 17.6 million shares, losing Rs1.00 to finish at Rs11.07. It was followed by KEL with 13.1 million shares, gaining Rs0.05 to close at Rs7.72 and Pakistan International Airlines with 10.9 million shares, gaining Rs0.15 to close at Rs7.36.
Foreign institutional investors were net buyers of Rs229 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 24th, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ