Market watch: Amid profit-taking, bourse records marginal drop
Benchmark 100-share index falls 33.91 points.
Trade volumes rose to 348 million shares compared to 229 million on Wednesday. PHOTO: AFP
KARACHI:
On a day marked with mixed sentiments, the bourse closed lower primarily driven by cement stocks whereas oil companies recorded profit-taking on the back of healthy financial results.
At close on Thursday, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,456.74 points, registering a fall of 0.10% or 33.91 points.
Elixir Securities analyst Sibtain Mustafa said the index ended marginally lower after volatile trade as the market struggled to maintain recent highs. “Almost all blue chips ended down on profit-taking by institutional investors,” he said. “This was a result of market entering the consolidation phase despite the earnings excitement.”
DG Khan Cement (+1.5%) stood strong after the company announced its results which showed a healthy growth in quarterly margins.
Additionally, Lucky Cement gained after its nine-month earnings rose 14%, but Maple Leaf Cement (-2.3%) traded negative after its nine-month earnings came in lower than estimates.
Mustafa added there were no immediate triggers, which could keep the market volatile. The only exception was the Consumer Price Index of the current month, which analysts believe would be near 1.5%, the lowest in more than 14 years – a catalyst that could push the index to new highs – which was well supported by continuous foreign inflows.
JS Global analyst Muhammad Mobeen said the bourse remained unpredictable after an initial spike of 222 points.
“OGDC (-0.5%) saw profit-taking after it announced earnings of Rs15.81 per share and a dividend of Rs1.75 per share for 9MFY15.”
Byco again was amongst the volume leaders along with The Bank of Punjab as investors anticipated healthy earnings, said Mobeen.
Trade volumes rose to 348 million shares compared to 229 million on Wednesday.
Shares of 354 companies were traded. Of these, 123 companies closed higher, 217 saw a decline and 14 remained unchanged. The value of shares traded during the day was Rs16.9 billion.
KASB Bank was the volume leader with 50.4 million shares, gaining Rs0.60 to close at Rs3.28. It was followed by The Bank of Punjab with 30.5 million shares, gaining Rs0.17 to close at Rs9.53 and Pak Elektron with 25.9 million shares, losing Rs0.14 to close at Rs63.60.
Foreign institutional investors were net buyers of Rs160 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 24th, 2015.
On a day marked with mixed sentiments, the bourse closed lower primarily driven by cement stocks whereas oil companies recorded profit-taking on the back of healthy financial results.
At close on Thursday, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,456.74 points, registering a fall of 0.10% or 33.91 points.
Elixir Securities analyst Sibtain Mustafa said the index ended marginally lower after volatile trade as the market struggled to maintain recent highs. “Almost all blue chips ended down on profit-taking by institutional investors,” he said. “This was a result of market entering the consolidation phase despite the earnings excitement.”
DG Khan Cement (+1.5%) stood strong after the company announced its results which showed a healthy growth in quarterly margins.
Additionally, Lucky Cement gained after its nine-month earnings rose 14%, but Maple Leaf Cement (-2.3%) traded negative after its nine-month earnings came in lower than estimates.
Mustafa added there were no immediate triggers, which could keep the market volatile. The only exception was the Consumer Price Index of the current month, which analysts believe would be near 1.5%, the lowest in more than 14 years – a catalyst that could push the index to new highs – which was well supported by continuous foreign inflows.
JS Global analyst Muhammad Mobeen said the bourse remained unpredictable after an initial spike of 222 points.
“OGDC (-0.5%) saw profit-taking after it announced earnings of Rs15.81 per share and a dividend of Rs1.75 per share for 9MFY15.”
Byco again was amongst the volume leaders along with The Bank of Punjab as investors anticipated healthy earnings, said Mobeen.
Trade volumes rose to 348 million shares compared to 229 million on Wednesday.
Shares of 354 companies were traded. Of these, 123 companies closed higher, 217 saw a decline and 14 remained unchanged. The value of shares traded during the day was Rs16.9 billion.
KASB Bank was the volume leader with 50.4 million shares, gaining Rs0.60 to close at Rs3.28. It was followed by The Bank of Punjab with 30.5 million shares, gaining Rs0.17 to close at Rs9.53 and Pak Elektron with 25.9 million shares, losing Rs0.14 to close at Rs63.60.
Foreign institutional investors were net buyers of Rs160 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 24th, 2015.