Market watch: Index ends higher but caution prevails
Benchmark KSE-100 index increases 71.82 points.
KARACHI:
The day witnessed a volatile bourse on the back of political uncertainty before finishing slightly higher.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.24% or 71.82 points to end at 29,585.60.
Elixir Securities analyst Faisal Bilwani said Pakistan equities fluctuated between small gains before closing the day mixed with dismal turnover of less than $35 million.
“Institutions primarily locals preferred to remain sidelined, awaiting the dust to settle over politics and more importantly clarity on impact on macros post floods and sit-in in Islamabad,” said Bilwani.
“Turnover was led by index names on reported foreigner’s interest with Pakistan State Oil (PSO) -.9%, United Bank (UBL) +1.24% and Fauji Fertilizers (FFC) +0.7%. The market was range bound, tracking flows and developments on the political front in the coming days.”
Meanwhile, JS Global analyst Ovais Ahsan said the continuation of the political deadlock hurt investor confidence as caution prevailed.
“Rumours of an increase in drug prices pushed the pharmaceutical sector upwards as Abbott Lab +4.8%, Glaxo SmithKline +3.9% and Ferozsons Laboratories +5.0% rallied,” said Ahsan.
“The insurance sector also saw an upsurge with growth in core underwriting business pushing up stocks like Askari General Insurance +4.9% and Atlas Insurance +1.4%.”
Trade volumes fell to 89 million shares compared to Friday’s tally of 151 million.
Shares of 363 companies were traded on Monday. Of these, 168 companies declined, 174 closed higher while 21 remained unchanged. The value of shares traded during the day stood at Rs4.5 billion.
TRG Pakistan Limited (R) was the volume leader with 11.2 million shares, losing Rs0.93 to close at Rs2.51. It was followed by Faysal Bank with 7.6 million shares, gaining Rs0.57 to close at Rs17.14 and TRG Pakistan Limited with 12.2 million shares, losing Rs0.43 to close at Rs12.01.
Foreign institutional investors were net buyers of Rs146 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 9th, 2014.
The day witnessed a volatile bourse on the back of political uncertainty before finishing slightly higher.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.24% or 71.82 points to end at 29,585.60.
Elixir Securities analyst Faisal Bilwani said Pakistan equities fluctuated between small gains before closing the day mixed with dismal turnover of less than $35 million.
“Institutions primarily locals preferred to remain sidelined, awaiting the dust to settle over politics and more importantly clarity on impact on macros post floods and sit-in in Islamabad,” said Bilwani.
“Turnover was led by index names on reported foreigner’s interest with Pakistan State Oil (PSO) -.9%, United Bank (UBL) +1.24% and Fauji Fertilizers (FFC) +0.7%. The market was range bound, tracking flows and developments on the political front in the coming days.”
Meanwhile, JS Global analyst Ovais Ahsan said the continuation of the political deadlock hurt investor confidence as caution prevailed.
“Rumours of an increase in drug prices pushed the pharmaceutical sector upwards as Abbott Lab +4.8%, Glaxo SmithKline +3.9% and Ferozsons Laboratories +5.0% rallied,” said Ahsan.
“The insurance sector also saw an upsurge with growth in core underwriting business pushing up stocks like Askari General Insurance +4.9% and Atlas Insurance +1.4%.”
Trade volumes fell to 89 million shares compared to Friday’s tally of 151 million.
Shares of 363 companies were traded on Monday. Of these, 168 companies declined, 174 closed higher while 21 remained unchanged. The value of shares traded during the day stood at Rs4.5 billion.
TRG Pakistan Limited (R) was the volume leader with 11.2 million shares, losing Rs0.93 to close at Rs2.51. It was followed by Faysal Bank with 7.6 million shares, gaining Rs0.57 to close at Rs17.14 and TRG Pakistan Limited with 12.2 million shares, losing Rs0.43 to close at Rs12.01.
Foreign institutional investors were net buyers of Rs146 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 9th, 2014.