KARACHI: Despite positive earnings announcements during the day, the stock market remained lacklustre with a choppy trading session on low turnover.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended Tuesday’s trading with a rise of 0.01% or 4.66 points at 33,801.10.
Elixir Securities analyst Sibtain Mustafa said that despite being an eventful day where Dera Ghazi Khan Cement (+0.02), K-Electric (+0.5%) and Habib Bank Limited announced results, the wider market failed to carry its morning momentum and ended unchanged on reported selling by institutions.
“Engro Corporation (+1.4%) finally found its footing, brushing aside its recent declines to end the day in the green while oil stocks continued to consolidate with Pakistan Oilfields (+1%) edging higher as international oil prices recover further,” he said.
JS Global analyst Arhum Ghous said the oil sector edged up as international crude prices rose above $62 a barrel, with OGDC (+0.52%) and Pakistan Oilfields (+0.97%) closing in the green.
“The cement sector remained upbeat as the government announced that low-cost housing units will be constructed on a fast-track basis; this news triggered investor buying in the sector with Fauji Cement Company (+0.98%) and Kohat Cement Company (+0.93%) rallying.”
Star performer of the day was Hub Power Company (+3.89%) as it announced that the company will soon be setting up a new coal-based power plant under a joint venture, said Ghous.
Trade volumes rose to 217 million shares compared to 177 million on Monday.
Shares of 365 companies were traded. Of these, 224 declined, 118 closed higher and 23 remained unchanged. The value of shares traded during the day was Rs12.2 billion.
K-Electric Limited was the volume leader with 30 million shares, gaining Rs0.04 to close at Rs8.42. It was followed by DG Khan Cement Company with 16.2 million shares, gaining Rs0.02 to close at Rs126.33 and Pakistan International Airlines with 14.3 million shares, gaining Rs0.22 to close at Rs9.48.
Foreign institutional investors were net sellers of Rs73 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, February 18th, 2015.
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