Market watch: Bears overwhelm as index ends in the red
Benchmark 100-share index loses 138.58 points.
Benchmark 100-share index loses 138.58 points
KARACHI:
Investors continued to exercise caution and wait for clarity on the political front as the benchmark index closed in the red for the second successive day.
At close on Tuesday, the Karachi Stock Exchange (KSE)-100 index closed at 32,109.87, registering a decrease of 0.43% or 138.58 points.
Institutional interest seemed minimal over concerns of the possible arrest of MQM chief Altaf Hussain and Pakistan’s involvement in the Yemen conflict.
Elixir Securities analyst Harris Ahmed Batla said the cement sector witnessed profit-taking. “Maple Leaf Cement (MLCF PA -4.16%) hit the lower price limit over DG Khan Cement’s (DGKC PA -2.88%) agreement to receive 40MW electricity from K-Electric, re-affirming DGKC’s expansion plan.
“Moreover, volumes chart remained dominated by small cap retail plays to the likes of TRG Limited (TRG PA -4.18%), Jahangir Siddiqui and Company Limited (JSCL PA -4.93%) and Pak Elektron Limited (PAEL PA +.46%).
Meanwhile, Topline Market Review analysts said cement stocks declined after DG Khan Cement (DGKC) announced its power supply agreement with K-Electric for its new cement plant in the south. “Investors believe that DGKC’s expansion may trigger price wars amongst cement manufacturers,” they said.
“Major activity was seen in the textile sector where foreigners bought shares worth $3.3 million and sold shares worth $3.8 million,” they said, while adding that the ensuing Yemen conflict and local politics would remain key drivers of investors’ sentiments.
Trade volumes fell to 217 million shares compared to 263 million on Monday.
Shares of 336 companies were traded on Tuesday. Of these, 219 companies declined, 103 closed higher and 14 remained unchanged. The value of shares traded during the day was Rs10 billion.
TRG Pakistan Limited was the volume leader with 43.8 million shares, losing Rs0.82 to close at Rs18.78. It was followed by Jahangir Siddiqui and Company with 24.4 million shares, losing Rs1.05 to close at Rs20.23 and Pak Elektron with 15.3 million shares, gaining Rs0.27 to close at Rs59.13.
Published in The Express Tribune, April 15th, 2015.
Investors continued to exercise caution and wait for clarity on the political front as the benchmark index closed in the red for the second successive day.
At close on Tuesday, the Karachi Stock Exchange (KSE)-100 index closed at 32,109.87, registering a decrease of 0.43% or 138.58 points.
Institutional interest seemed minimal over concerns of the possible arrest of MQM chief Altaf Hussain and Pakistan’s involvement in the Yemen conflict.
Elixir Securities analyst Harris Ahmed Batla said the cement sector witnessed profit-taking. “Maple Leaf Cement (MLCF PA -4.16%) hit the lower price limit over DG Khan Cement’s (DGKC PA -2.88%) agreement to receive 40MW electricity from K-Electric, re-affirming DGKC’s expansion plan.
“Moreover, volumes chart remained dominated by small cap retail plays to the likes of TRG Limited (TRG PA -4.18%), Jahangir Siddiqui and Company Limited (JSCL PA -4.93%) and Pak Elektron Limited (PAEL PA +.46%).
Meanwhile, Topline Market Review analysts said cement stocks declined after DG Khan Cement (DGKC) announced its power supply agreement with K-Electric for its new cement plant in the south. “Investors believe that DGKC’s expansion may trigger price wars amongst cement manufacturers,” they said.
“Major activity was seen in the textile sector where foreigners bought shares worth $3.3 million and sold shares worth $3.8 million,” they said, while adding that the ensuing Yemen conflict and local politics would remain key drivers of investors’ sentiments.
Trade volumes fell to 217 million shares compared to 263 million on Monday.
Shares of 336 companies were traded on Tuesday. Of these, 219 companies declined, 103 closed higher and 14 remained unchanged. The value of shares traded during the day was Rs10 billion.
TRG Pakistan Limited was the volume leader with 43.8 million shares, losing Rs0.82 to close at Rs18.78. It was followed by Jahangir Siddiqui and Company with 24.4 million shares, losing Rs1.05 to close at Rs20.23 and Pak Elektron with 15.3 million shares, gaining Rs0.27 to close at Rs59.13.
Foreign institutional investors were net sellers of Rs152 million worth of shares during the session, according to data maintained by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 15th, 2015.