Market watch: Stocks record another bearish session with cautious activity
Benchmark KSE-100 index falls 189.93 points.
KARACHI:
The stock market recorded another significant drop in index on a day of cautious activity in the wake of Pakistan Tehreek-e-Insaf’s (PTI) call for the closure of Karachi to press its demand for an election audit by a judicial commission.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index stood down 0.60% or 189.93 points to end at 31,589.82.
JS Global analyst Ovais Ahsan said investor interest was noted in the cement sector on the back of a reduction of Rs2.32 per unit in electricity tariff with DG Khan Cement (+4.95%), Cherat Cement (+4.94%), Kohat Cement (+4.49%) and Attock Cement (+3.19%) all recording healthy gains.
“Oil sector was down on the back of declining oil prices. We expect the market to remain lacklustre and suggest investors to stick to the fundamentally strong stocks,” Ahsan said.
Ahsan Mehanti of Arif Habib Corporation said oil stocks were battered in the wake of plunging US crude market, which broke below $59 a barrel for the first time since 2009.
“Profit-taking was recorded in energy stocks after the government slashed power tariff by Rs2.32 per unit because of sliding oil prices.
“Institutional support in cement stocks on improved margins owing to falling coal and furnace oil prices and textile stocks ahead of the new textile policy due later this month supported the index to close above session lows,” Mehanti said.
Trade volumes fell to 218 million shares compared to 245 million on Thursday.
Shares of 347 companies were traded on Friday. Of these, 161 companies declined, 158 closed higher and 28 remained unchanged. The value of shares traded during the day was Rs11.4 billion.
Power Cement Limited was the volume leader with 12.5 million shares, gaining Rs0.47 to close at Rs7.13. It was followed by Pioneer Cement with 12.1 million shares, gaining Rs0.22 to close at Rs79.11 and Pak Elektron with 12 million shares, gaining Rs1.69 to close at Rs39.22.
Foreign institutional investors were net sellers of Rs994 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, December 13th, 2014.
The stock market recorded another significant drop in index on a day of cautious activity in the wake of Pakistan Tehreek-e-Insaf’s (PTI) call for the closure of Karachi to press its demand for an election audit by a judicial commission.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index stood down 0.60% or 189.93 points to end at 31,589.82.
JS Global analyst Ovais Ahsan said investor interest was noted in the cement sector on the back of a reduction of Rs2.32 per unit in electricity tariff with DG Khan Cement (+4.95%), Cherat Cement (+4.94%), Kohat Cement (+4.49%) and Attock Cement (+3.19%) all recording healthy gains.
“Oil sector was down on the back of declining oil prices. We expect the market to remain lacklustre and suggest investors to stick to the fundamentally strong stocks,” Ahsan said.
Ahsan Mehanti of Arif Habib Corporation said oil stocks were battered in the wake of plunging US crude market, which broke below $59 a barrel for the first time since 2009.
“Profit-taking was recorded in energy stocks after the government slashed power tariff by Rs2.32 per unit because of sliding oil prices.
“Institutional support in cement stocks on improved margins owing to falling coal and furnace oil prices and textile stocks ahead of the new textile policy due later this month supported the index to close above session lows,” Mehanti said.
Trade volumes fell to 218 million shares compared to 245 million on Thursday.
Shares of 347 companies were traded on Friday. Of these, 161 companies declined, 158 closed higher and 28 remained unchanged. The value of shares traded during the day was Rs11.4 billion.
Power Cement Limited was the volume leader with 12.5 million shares, gaining Rs0.47 to close at Rs7.13. It was followed by Pioneer Cement with 12.1 million shares, gaining Rs0.22 to close at Rs79.11 and Pak Elektron with 12 million shares, gaining Rs1.69 to close at Rs39.22.
Foreign institutional investors were net sellers of Rs994 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, December 13th, 2014.