Market watch: Investors cautious as index ends in the red

Benchmark KSE-100 index falls 46.91 points.


Our Correspondent January 13, 2015
Elixir Securities analyst Jawwad Aboobakar said investors remained on the sidelines over anticipation of a further dip in international oil prices. PHOTO: AFP

KARACHI: Mixed sentiments meant the index closed marginally negative after volatile trading with KSE-100 index dipping by as much as 250 points intraday. 

At close, the Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.14% or 46.91 points to end at 33,371.29.

Elixir Securities analyst Jawwad Aboobakar said investors remained on the sidelines over anticipation of a further dip in international oil prices. ‘Index heavy Oil and Gas Development Company (OGDC PA -3%) and Pakistan Petroleum (PPL PA -2.4%) dented sentiment and index the most, tracking global crude,” he said.



“While index spent most of the day in negative territory, Engro Foods (EFOODS PA +4.2%) traded against the wider market direction to close near the upper price limit as investors bet on significant improvement in margins.

“Engro Fertilizer (EFERT PA -3%) closed lower on notification by management of IFC exercising option to convert debt to shares. Autos assemblers Pak Suzuki (PSMC PA +4.1%) and Honda Atlas Cars (HCAR PA +5%) gained on December sales figures and future outlook,” Aboobakar added.

Trade volumes rose to 279 million shares compared to 250 million on Monday.

Shares of 400 companies were traded on Tuesday. Of these, 157 companies declined, 222 closed higher and 21 remained unchanged. The value of shares traded during the day was Rs13.2 billion.



Pak Elektron was the volume leader with 20 million shares, gaining Rs1.22 to close at Rs49.52. It was followed by Pakistan International Airlines with 15 million shares, gaining Rs0.41 to close at Rs8.41 and Pakistan International Bulk Terminal with 14.9 million shares, gaining Rs1.75 to close at Rs36.93.

Foreign institutional investors were net buyers of Rs365 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, January 14th,  2015.

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