Market watch: Index breaks seven-day losing streak
Benchmark KSE-100 index rises 54.17 points.
Shares of 376 companies were traded on Wednesday. PHOTO: ONLINE
KARACHI:
The index continued to see volatile trading, making an intra-day high of 33,464 but failed to maintain its momentum amid reports of foreign institutional investor selling.
At close on Wednesday, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.16% or 54.17 points to end at 33,242.94.
Elixir Securities analyst Sibtain Mustafa said the wider market witnessed selective interest. “Engro Fertilizers (EFERT PA +0.45%) topped the volumes table at the index mainly due to institutional activity with stock closing with trimmed gains, while yield plays also attracted volumes ahead of pay-out dates.
“Overall, majority of participants are eyeing outflow from foreigners as a sign of changing money flow, however, we think the market will find support in the coming days with preferred plays including ENGRO, PSO BAFL, NBP, DGKC and LUCK.”
JS Global analyst Arhum Ghous said the auto sector witnessed a bullish momentum on the back of positive expectations from the upcoming auto policy as HCAR, PSMC and INDU ended 4.2%, 1.4% and 3.4% higher, respectively.
Trade volumes dropped to 180 million shares compared to 212 million on Tuesday.
Shares of 376 companies were traded on Wednesday. Of these, 175 declined, 178 closed higher and 23 remained unchanged. The value of shares traded during the day was Rs11.2 billion.
Pak Elektron was the volume leader with 19.3 million shares, losing Rs2.54 to close at Rs55.11. It was followed by Engro Fertilizer Limited with 14.9 million shares, gaining Rs0.39 to close at Rs87.44 and Maple Leaf Cement with 11.8 million shares, losing Rs1.05 to close at Rs51.33.
Foreign institutional investors were net sellers of Rs6 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, March 5th, 2015.
The index continued to see volatile trading, making an intra-day high of 33,464 but failed to maintain its momentum amid reports of foreign institutional investor selling.
At close on Wednesday, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.16% or 54.17 points to end at 33,242.94.
Elixir Securities analyst Sibtain Mustafa said the wider market witnessed selective interest. “Engro Fertilizers (EFERT PA +0.45%) topped the volumes table at the index mainly due to institutional activity with stock closing with trimmed gains, while yield plays also attracted volumes ahead of pay-out dates.
“Overall, majority of participants are eyeing outflow from foreigners as a sign of changing money flow, however, we think the market will find support in the coming days with preferred plays including ENGRO, PSO BAFL, NBP, DGKC and LUCK.”
JS Global analyst Arhum Ghous said the auto sector witnessed a bullish momentum on the back of positive expectations from the upcoming auto policy as HCAR, PSMC and INDU ended 4.2%, 1.4% and 3.4% higher, respectively.
Trade volumes dropped to 180 million shares compared to 212 million on Tuesday.
Shares of 376 companies were traded on Wednesday. Of these, 175 declined, 178 closed higher and 23 remained unchanged. The value of shares traded during the day was Rs11.2 billion.
Pak Elektron was the volume leader with 19.3 million shares, losing Rs2.54 to close at Rs55.11. It was followed by Engro Fertilizer Limited with 14.9 million shares, gaining Rs0.39 to close at Rs87.44 and Maple Leaf Cement with 11.8 million shares, losing Rs1.05 to close at Rs51.33.
Foreign institutional investors were net sellers of Rs6 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, March 5th, 2015.