Market watch: Despite political tension, index ends in black
Benchmark KSE-100 index rises 100.28 points.
KARACHI:
Amid rumours rife of the government and PTI negotiating a day before countrywide protest, the stock market recorded a positive day.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index increased 0.32% or 100.28 points to end at 31,690.10.
Elixir Securities analyst Harris Ahmed Batla said Pakistan equities opened negative following decline in regional markets combined with concern over politics as PTI continues its protest in Lahore.
“As the day progressed, hopes on negotiations between PTI and government ahead of the country wide protest helped sentiments.
“Oil stocks rejoiced namely Oil and Gas Development Corporation (OGDC, +1.09%) and Pakistan Petroleum (PPL, +2.21%) that witnessed value buying reportedly from state funds.
“While Pakistan State Oil (PSO, +4.31%) rallied over rumours regarding resolution of circular debt.
“On the contrary, cements that has been gaining limelight in recent days over lower inflation saw profit taking with Lucky Cement (LUCK ,-1.38%) and Maple Leaf Cement (MLCF , -2.02%) closing in the red while volumes chart remained dominated by small cap retail plays.”
Meanwhile, JS Global analyst Arhum Ghous said the market opened on a negative note due to the on-going movement of PTI against the government.
“Textile sector remained under pressure after the news of risk of Pakistan losing GSP Plus status by issuing falcon export permits.
“In the oil and gas sector, PSO remained in the limelight as it spiked up 4.3% due to the possibility of Rs100 billion injections from the government.
“In the power sector, Saif Power (SPWL) escalated to its upper circuit as the first trading day started. We recommend investors to focus on cement due to the advantage of reduction in electricity tariff by Rs2.32 per unit.”
Trade volumes fell to 215 million shares compared to 218 million on Friday.
Shares of 356 companies were traded on Monday. Of these, 177 companies declined, 161 closed higher and 18 remained unchanged. The value of shares traded during the day was Rs12.6 billion.
Lafarge Pakistan Limited was the volume leader with 13.2 million shares, gaining Rs0.44 to close at Rs17.29. It was followed by Jahangir Siddiqui Limited with 11.7 million shares, gaining Rs0.79 to close at Rs15.04 and Bank of Punjab with 9.5 million shares, gaining Rs0.16 to close at Rs9.90.
Foreign institutional investors were net sellers of Rs6.7 billion 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 16th, 2014.
Amid rumours rife of the government and PTI negotiating a day before countrywide protest, the stock market recorded a positive day.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index increased 0.32% or 100.28 points to end at 31,690.10.
Elixir Securities analyst Harris Ahmed Batla said Pakistan equities opened negative following decline in regional markets combined with concern over politics as PTI continues its protest in Lahore.
“As the day progressed, hopes on negotiations between PTI and government ahead of the country wide protest helped sentiments.
“Oil stocks rejoiced namely Oil and Gas Development Corporation (OGDC, +1.09%) and Pakistan Petroleum (PPL, +2.21%) that witnessed value buying reportedly from state funds.
“While Pakistan State Oil (PSO, +4.31%) rallied over rumours regarding resolution of circular debt.
“On the contrary, cements that has been gaining limelight in recent days over lower inflation saw profit taking with Lucky Cement (LUCK ,-1.38%) and Maple Leaf Cement (MLCF , -2.02%) closing in the red while volumes chart remained dominated by small cap retail plays.”
Meanwhile, JS Global analyst Arhum Ghous said the market opened on a negative note due to the on-going movement of PTI against the government.
“Textile sector remained under pressure after the news of risk of Pakistan losing GSP Plus status by issuing falcon export permits.
“In the oil and gas sector, PSO remained in the limelight as it spiked up 4.3% due to the possibility of Rs100 billion injections from the government.
“In the power sector, Saif Power (SPWL) escalated to its upper circuit as the first trading day started. We recommend investors to focus on cement due to the advantage of reduction in electricity tariff by Rs2.32 per unit.”
Trade volumes fell to 215 million shares compared to 218 million on Friday.
Shares of 356 companies were traded on Monday. Of these, 177 companies declined, 161 closed higher and 18 remained unchanged. The value of shares traded during the day was Rs12.6 billion.
Lafarge Pakistan Limited was the volume leader with 13.2 million shares, gaining Rs0.44 to close at Rs17.29. It was followed by Jahangir Siddiqui Limited with 11.7 million shares, gaining Rs0.79 to close at Rs15.04 and Bank of Punjab with 9.5 million shares, gaining Rs0.16 to close at Rs9.90.
Foreign institutional investors were net sellers of Rs6.7 billion 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 16th, 2014.