Market watch: Index closes week in the red

Benchmark 100-share index falls 64.54 points.


Our Correspondent May 15, 2015
Trade volumes fell to 174 million shares compared to 213 million on Thursday. PHOTO: INP

KARACHI: The index closed negative ahead of the weekend after listless trading as investors remained sidelined in the absence of triggers.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.19% or 64.54 points to end at 33,039.19.

“Oil names tracked global crude with Pakistan Petroleum (PPL PA -1%) and Pakistan Oilfields Limited (POL PA -0.90%) ending lower,” said Elixir Securities analyst Faisal Bilwani.

In sector-wise news, cements traded lower on news of South Africa imposing anti-dumping duty on cement imports from Pakistan.



“Lucky Cement (LUCK PA -0.16%) that is the largest exporter from Pakistan traded volatile as lower duty rate coupled with lowest cost of production will likely not result in complete halt to exports to South Africa.

“We estimate marginal earnings impact of duty imposition on LUCK at around Rs1.0/sh on FY16 earnings.

“Attock Cement (ACPL PA -4.84%) hit the lower lock as it’s the most adversely affected player due to significantly higher duty of 63.5% along with the highest export concentration (around 0.27 million tons; 39% of total exports in FY14) to South African market.



“We see lacklustre activity in the following week as investors continue to wait for the budget for fiscal year 2015-16 before taking fresh positions, however, any positive surprise such as more than 50bps cut in discount rate in next weekend’s policy statement from the central bank will bode well for turnover and confidence,” Bilwani said.

Trade volumes fell to 174 million shares compared to 213 million on Thursday.

Shares of 339 companies were traded on the last trading session of the week. Of these, 135 companies closed higher, 179 saw a decline and 25 remained unchanged. The value of shares traded during the day was Rs7.8 billion.

The Bank of Punjab was the volume leader with 28.6 million shares, gaining Rs0.53 to close at Rs9.81. It was followed by Byco Petroleum with 20.4 million shares, gaining Rs0.23 to close at Rs14.32 and Fauji Cement with 13.6 million shares, gaining Rs0.35 to close at Rs32.54.

Foreign institutional investors were net buyers of Rs107 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, May 16th, 2015.

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

COMMENTS

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

E-Publications

Most Read