Market watch: A black end to the week
Benchmark KSE-100 index gains 91.91 points.
Trade volumes fell to 208 million shares compared with Thursday’s tally of 248 million shares. PHOTO: ONLINE
KARACHI:
Stock market hit back after the uncertainty of the post-budget period and ended the week in the black.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.31% or 91.91 points to end at 29,509.11
Elixir Securities analyst Fareesa Baig said that Pakistan equities opened positive and traded volatile. “Cements traded volatile and closed red with Lucky Cement (LUCK) -.4% and DG Khan Cement (DGKC) -.9% on disappointing export sales,” said Baig. “However, financials traded mixed with MCB Bank (MCB) +2.5% inching up to test Rs306 while Bank Alfalah (BAFL) +.8% also gained on reported institutional flows.”
According to Baig, oil stocks namely Oil & Gas Development (OGDC) +1.1%, Pakistan Petroleum Limited(PPL) +.5% and Pakistan Oil Fields (POL) 0.04% remained afloat with former trading highest volumes in over 10 weeks on reported foreigner buying.
On the other hand, small and mid cap stocks such as Lafarge Cement (LPCL) -.5% and Fauji Cement (FCCL) +5% continued to lead the volume charts.
Baig concluded that stocks are likely to trade volatile with flows from foreigners setting the tone in the broader market as locals remain selective and expect a mild correction.
Trade volumes fell to 208 million shares compared with Thursday’s tally of 248 million shares.
Shares of 344 companies were traded on the last trading session of the week. At the end of the day 140 stocks closed higher, 178 declined while 26 remained unchanged. The value of shares traded during the day was Rs11.2 billion.
FCCL was the volume leader with 25 million shares, gaining Rs0.97 to finish at Rs20.53. It was followed by Pakistan International Bulk Terminal with 16.6 million shares, gaining Rs1.00 to close at Rs9.76 and LPCL with 15.5 million shares, declining Rs0.07 to close at Rs14.59.
Foreign institutional investors were net buyers of Rs901 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 7th, 2014.
Stock market hit back after the uncertainty of the post-budget period and ended the week in the black.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.31% or 91.91 points to end at 29,509.11
Elixir Securities analyst Fareesa Baig said that Pakistan equities opened positive and traded volatile. “Cements traded volatile and closed red with Lucky Cement (LUCK) -.4% and DG Khan Cement (DGKC) -.9% on disappointing export sales,” said Baig. “However, financials traded mixed with MCB Bank (MCB) +2.5% inching up to test Rs306 while Bank Alfalah (BAFL) +.8% also gained on reported institutional flows.”
According to Baig, oil stocks namely Oil & Gas Development (OGDC) +1.1%, Pakistan Petroleum Limited(PPL) +.5% and Pakistan Oil Fields (POL) 0.04% remained afloat with former trading highest volumes in over 10 weeks on reported foreigner buying.
On the other hand, small and mid cap stocks such as Lafarge Cement (LPCL) -.5% and Fauji Cement (FCCL) +5% continued to lead the volume charts.
Baig concluded that stocks are likely to trade volatile with flows from foreigners setting the tone in the broader market as locals remain selective and expect a mild correction.
Trade volumes fell to 208 million shares compared with Thursday’s tally of 248 million shares.
Shares of 344 companies were traded on the last trading session of the week. At the end of the day 140 stocks closed higher, 178 declined while 26 remained unchanged. The value of shares traded during the day was Rs11.2 billion.
FCCL was the volume leader with 25 million shares, gaining Rs0.97 to finish at Rs20.53. It was followed by Pakistan International Bulk Terminal with 16.6 million shares, gaining Rs1.00 to close at Rs9.76 and LPCL with 15.5 million shares, declining Rs0.07 to close at Rs14.59.
Foreign institutional investors were net buyers of Rs901 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 7th, 2014.