Market watch: Index manages to crawl in the black

Benchmark KSE-100 index gains 43.07 points.

Our Correspondent March 12, 2015
Trade volumes fell to 145 million shares compared to 172 million on Wednesday. PHOTO: ONLINE

KARACHI: As life returned to normal in Karachi, the benchmark index showed signs of feeble recovery as the bourse managed to crawl in the black.

At close on Thursday, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.13% or 43.07 points to end at 32,582.68.

Elixir Securities analyst Faisal Bilwani said Pakistan equities ended marginally positive after a volatile day that saw thin turnover and very selective participation. “Stocks opened up to test 32,700 in early trade as fear of violence in Karachi city after raid on offices of MQM subsided,” said Bilwani. “However profit taking was witnessed at highs and participants preferred to book quick gains as the day progressed on reports of foreign selling and anxiety over low turnover in wider market.

“Fertilisers attracted attention with Fauji Bin Qasim (FFBL, +0.2%) leading volumes charts and closing green after testing lows in morning trade.”

In addition cements were mixed while wider market tracked flows in absence of any major trigger for the day, said Bilwani.

JS Global analyst Muhammad Mobeen said KSE-100 Index witnessed another volatile session “Volumes remained lacklustre as the market suffered from lack of triggers and consistent foreign selling,” said Mobeen. “Within the oil and gas sector, Shell Pakistan Limited (SHEL,-4.4%) remained under pressure after it announced a loss of Rs.9.97/share for the year ended 2014.

“Fertiliser sector continued its bearish trend led by Engro Fertilizer (EFERT, -3.7%) due to hike in gas prices being implemented from April.”

Trade volumes fell to 145 million shares compared to 172 million on Wednesday.

Shares of 362 companies were traded on Thursday. Of these, 151 declined, 182 closed higher and 29 remained unchanged. The value of shares traded during the day was Rs8 billion.

Fauji Fertilizer Bin Qasim was the volume leader with 21.6 million shares, gaining Rs0.06 to close at Rs51.42. It was followed by Pak Elektron with 14.6 million shares, losing Rs0.41 to close at Rs54.50 and the Janangir Siddiqui and Company with 10.5 million shares, gaining Rs0.28 to close at Rs17.32.

Foreign institutional investors were net sellers of Rs247 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  13th,  2015.

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