KSE fails to attract investors on first day
KSE-100 index at Karachi Stock Exchange (KSE) gained 35.63 points, or 0.33 per cent, during trade on Monday.
KARACHI:
The local market remained range-bound as investors preferred to stay on the sidelines ahead of Eid holidays and news of added taxation, according to analysts.
The benchmark KSE-100 index at the Karachi Stock Exchange (KSE) gained 35.63 points, or 0.33 per cent, during trade on Monday to close at 10,909.65 points.
“The local bourse observed a lacklustre day ahead of long holidays as investors preferred to stay sidelined,” commented Samar Iqbal, a local equity dealer. “News regarding approval of Hub Power Company (Hubco) in the Shariah-compliant stocks brought it in the limelight as local institutions showed interest in the scrip,” she added.The stock gained a little over two per cent to close at Rs35.15.
The number of shares traded fell to 64.72 million, compared with the average daily turnover of 166 million shares recorded in the preceding week.
“Late buying in oil stocks mainly on local interest pushed the index up. However, broader market volumes were lower ahead of the long holidays,” wrote Nazim Abdul Muttalib from Elixir Securities.
The KSE will remain closed from Wednesday to Friday on account of Eid.
Shares of 398 companies were traded on Monday. At the end of the day, 226 stocks closed higher, 149 declined and 23 remained unchanged. The value of shares traded during the day fell to Rs2.4 billion.
JS and Company led the market with a turnover of 8.28 million shares. The scrip climbed more than four per cent to close at Rs12.24 per share.
Lotte Pakistan PTA followed with about 7.6 million shares traded. The company’s stock lost Rs0.05 to end the day at Rs12 per share.
Hubco came in third with 7.58 million shares traded during the day.
Published in The Express Tribune, November 16th, 2010.
The local market remained range-bound as investors preferred to stay on the sidelines ahead of Eid holidays and news of added taxation, according to analysts.
The benchmark KSE-100 index at the Karachi Stock Exchange (KSE) gained 35.63 points, or 0.33 per cent, during trade on Monday to close at 10,909.65 points.
“The local bourse observed a lacklustre day ahead of long holidays as investors preferred to stay sidelined,” commented Samar Iqbal, a local equity dealer. “News regarding approval of Hub Power Company (Hubco) in the Shariah-compliant stocks brought it in the limelight as local institutions showed interest in the scrip,” she added.The stock gained a little over two per cent to close at Rs35.15.
The number of shares traded fell to 64.72 million, compared with the average daily turnover of 166 million shares recorded in the preceding week.
“Late buying in oil stocks mainly on local interest pushed the index up. However, broader market volumes were lower ahead of the long holidays,” wrote Nazim Abdul Muttalib from Elixir Securities.
The KSE will remain closed from Wednesday to Friday on account of Eid.
Shares of 398 companies were traded on Monday. At the end of the day, 226 stocks closed higher, 149 declined and 23 remained unchanged. The value of shares traded during the day fell to Rs2.4 billion.
JS and Company led the market with a turnover of 8.28 million shares. The scrip climbed more than four per cent to close at Rs12.24 per share.
Lotte Pakistan PTA followed with about 7.6 million shares traded. The company’s stock lost Rs0.05 to end the day at Rs12 per share.
Hubco came in third with 7.58 million shares traded during the day.
Published in The Express Tribune, November 16th, 2010.