Market watch: Bourse remains range bound but ends positive

Benchmark 100-share index gains 126.61 points.

Our Correspondent April 09, 2015
TRG Pakistan Limited was the volume leader with 26.5 million shares, gaining Rs1 to close at Rs17.60. PHOTO: INP

KARACHI: The index continued its ride in the black, witnessing another positive day that saw the benchmark cross the 32,000-point barrier.

The Karachi Stock Exchange (KSE)-100 index closed at 32,013.91 on Thursday, registering an increase of 0.40% or 126.61 points.

Trading was dominated by activity in the banking, cement and fertiliser sectors. Elixir Securities analyst Sibtain Mustafa said there was a clear tussle between bulls and bears during the day with the index ranging within 300 points.

“While volumes remained in retail favorite stocks like Jahangir Siddiqui and Company (JSCL) and TRG Pakistan, banking shares didn’t fail to impress on mid-day reports over base offer being fully subscribed in the book-building of HBL.

“Locals are closely eyeing foreign institutional investors (FII) interest in the book-building of HBL which can perhaps put a respite to the ongoing outflow numbers. Initial estimates suggest that the base demand is very well covered with aggregate demand in excess to base offer.”

Meanwhile, JS Global Analyst Arhum Ghous said the market posted a recovery to end positive.

“After a drop in global oil prices, a bearish sentiment prevailed in the oil and gas sector with Pakistan State Oil (PSO), Shell Pakistan Limited (SHEL), Pakistan Petroleum Limited (PPL), HASCOL and Attock Petroleum Limited (APL) all ending negative.

“In the cement sector, KOHC hit its upper circuit as it announced its financial result for 3QFY15 awarding a cash dividend of Rs5 per share.

“Mixed sentiment prevailed in the cement sector with DGKC, ACPL and LUCK ending 1.3%, 1.7% and 1.1% higher while profit-taking was witnessed in Maple Leaf Cement Factory Lmited which ended 0.7% lower.

“In the banking sector, undervalued banking scripts posted a slight recovery with UBL remaining in the spotlight ending 2.1% higher while HBL, FABL ended 4.3% and 1.4% higher.

“Among other significant news, Engro saw considerable volumes ending 1.6% higher as investors expressed interest.”

Trade volumes fell to 200 million shares compared to 256 million on Wednesday.

Shares of 350 companies were traded on Thursday. Of these, 167 companies declined, 160 closed higher and 23 remained unchanged. The value of shares traded during the day was Rs11.7 billion.

TRG Pakistan Limited was the volume leader with 26.5 million shares, gaining Rs1 to close at Rs17.60. It was followed by Jahangir Siddiqui and Company with 17.8 million shares, gaining Rs0.93 to close at Rs21.75 and Hum Network Limited with 15.2 million shares, gaining Rs0.34 to close at Rs14.55.

Foreign institutional investors were net buyers of Rs211 million worth of shares during the session, according to data maintained by the National Clearing Company of Pakistan.

Published in The Express Tribune, April 10th,  2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.


Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

Most Read