Market watch: Index slips, ends week in red

Benchmark KSE-100 index decreases 72.12 points

KARACHI: The index closed the week negative as oil stocks tumbled and tested new lows, tracking global crude.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index declined 0.23% or 72.12 points to end at 31,197.98.

“Index heavy Oil and Gas Development Company (OGDC PA -4.94%) and Pakistan Petroleum Limited (PPL PA -4.1%) hurt KSE-100 the most with a combined negative impact of 216pts,” said Faisal Bilwani of Elixir Securities. “However, buying interest in the wider market helped limit downside.

“Engro Corporation (ENGRO PA +5%) hit its upper price limit on institutional buying on bets on concessionary gas price while company notified of a loan conversion by IFC worth $8 million that will have a marginal EPS impact of -1.3%.



“Most yield plays gained as lower oil fuels hopes of rate cut in a month’s time while cements rallied as higher margins and better off-take keeps sector in limelight.

“While excitement on macros will keep the mood upbeat and oils will continue to track global crude, developments on political front following weekend protest by PTI in Islamabad will set the tone early next week,” Bilwani concluded.

Trade volumes rose to 240 million shares compared to 197 million on Thursday.

Shares of 377 companies were traded on the last trading session of the week. Of these, 143 companies declined, 219 closed higher while 15 remained unchanged. The value of shares traded during the day was Rs13.5 billion.



Jahangir Siddiqui and Company was the volume leader with 19.9 million shares, losing Rs1 to close at Rs14.72. It was followed by Pak Elektron with 13.8 million shares, gaining Rs1 to close at Rs30.79 and Maple Leaf Cement with 13.5 million shares, gaining Rs1.74 to close at Rs36.65.

Foreign institutional investors were net sellers of Rs84 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, November 29^th, 2014.

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