Market watch: Index trades range bound

Benchmark KSE-100 index decreases 11.14 points.

Our Correspondent July 22, 2014

KARACHI: In absence of any major news or corporate results’ announcement, the index closed little changed and traded range bound.

At close, the KSE benchmark 100-share index declined 0.04% or 11.14 points to end at 30,402.09.

“Stocks primarily tracked flows with reports of foreigner’s activity in financials keeping interest alive,” said Faisal Bilwani of Elixir Securities. “Textiles were also in the focus on institutional buying with Nishat Chunian (NCL PA +1%) trading over 1.8 million shares and closing at five-week high above Rs44 per share.”

“Habib Bank (HBL PA) half yearly earnings announced few minutes before closing bell beat estimates at EPS Rs9.88 (+25.5%) along with cash payout of Rs2.25/share.

“We expect the market to continue with the recent momentum as the earnings season soon starts in full swing, while foreign flows to also guide direction ahead.

“We see select interest ahead of Eid holidays in the broader market and expect the index to test new highs on low turnover as small and mid-caps top volumes charts on retail day trade activity,” Bilwani concluded.

Trade volumes fell to 148 million shares compared with Monday’s tally of 193 million.

Shares of 329 companies were traded on Tuesday. At the end of the day, 140 stocks closed higher, 158 declined, while 31 remained unchanged. The value of shares traded during the day was Rs7 billion.

The Bank of Punjab was the volume leader with 15.4 million shares, gaining Rs0.34 to finish at Rs9.12. It was followed by Askari Bank with 12.8 million shares, gaining Rs1.01 to close at Rs21.32 and Maple Leaf Cement with 12.2 million shares, gaining Rs0.56 to close at Rs33.49.

Foreign institutional investors were net sellers of Rs341 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, July 23rd, 2014.

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