Market watch: Some relief for the index as week ends

Benchmark KSE-100 index gains 346.41 points.

Our Correspondent March 13, 2015
The index staged a remarkable comeback after a meeting between the regulator and brokers ended on a positive note. PHOTO: PPI

KARACHI: The market breathed a sigh of relief as the index added to gains during the day with cement and banking sectors ending stronger after a tumultuous few weeks.

At close on Friday, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 1.06% or 346.41 points to end at 32,929.09.

The index staged a remarkable comeback after a meeting between the regulator and brokers ended on a positive note.

“The Securities and Exchange Commission of Pakistan chairman addressed the concerns and assured swift implementation of policies that would be beneficial for investors and other stakeholders,” said Sibtain Mustafa of Elixir Securities.

“We expect the market to test 33,600 early next week as liquidity with state institutions and banks along with compelling valuations help channel funds.

“Overall, with the issue between brokers and regulator somewhat abated, we expect the day jobbers and retail to increase participation, like UBL, MLCF, PSO, ENGRO, NML, PTCL and NBP,” Mustafa said.

Trade volumes rose to 157 million shares compared to 145 million on Thursday.

Shares of 346 companies were traded on the last trading session of the week. Of these, 80 declined, 242 closed higher and 24 remained unchanged. The value of shares traded during the day was Rs9.7 billion.

Maple Leaf Cement was the volume leader with 16.6 million shares, gaining Rs2.47 to close at Rs53.21. It was followed by Jahangir Siddiqui and Company with 13.5 million shares, gaining Rs0.73 to close at Rs18.05 and TRG Pakistan Limited with 9.8 million shares, gaining Rs0.63 to close at Rs15.58.

Foreign institutional investors were net sellers of Rs760 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 14th, 2015.

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