Market watch: Index breaks losing streak, edges up

Benchmark KSE-100 index gains 90.85 points.


Our Correspondent October 30, 2014

KARACHI:


The index struggled but managed to end in the black with the help of the bond market.


At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index increased 0.30% or 90.85 points to end at 30,204.09.

Elixir Securities analyst Sibtain Mustafa said equities traded choppy. “However, they managed to hold gains after the bond markets inched lower,” said Mustafa. “This was a result of softening oil prices built on expectations of lower consumer price index in the coming months.”



“Equities traded volatile on low volumes shrinking by 50% with participants divided over impact of continuous outflow of foreign institutional investors’ funds and local macro dynamics changing.

“United Bank (UBL) +1.98% edged up after investors betted higher investment gains from debt market portfolio in calendar year 2015. Side tier continued to dominate theme and volumes on retail participation,” said Mustafa.

Meanwhile, JS Global analyst Muhammad Mobeen said the auto sector regained lost momentum and headed north.

“Attock Refinery Limited (ATRL) went down by 3.6% following a disappointing result showing an EPS of Rs0.08 for 1QFY15 (against EPS of Rs7.06 in 1QFY14).”

Trade volumes fell to 151 million shares compared to 259 million on Wednesday.



Shares of 380 companies were traded on Thursday. Of these, 156 companies declined, 199 closed higher while 25 remained unchanged. The value of shares traded during the day was Rs9.15 billion.

Lalpir Power was the volume leader with 28.6 million shares, gaining Rs0.22 to close at Rs22.28. It was followed by Bank of Punjab with 13.7 million shares, losing Rs0.03 to close at Rs8.76 and Faysal Bank with 3.9 million shares, losing Rs0.21 to close at Rs17.95.

Foreign institutional investors were net sellers of Rs35.2 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, October 31st, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

E-Publications

Most Read