Market watch: Trading remains range bound ahead of budget

Benchmark 100-share index gains 13.28 points.

Our Correspondent June 03, 2015
Benchmark 100-share index gains 13.28 points.

KARACHI: The stock market remained range bound through the day’s trade to end marginally in the black. Investors remained cautious ahead of the Economic Survey and the annual budget scheduled to be unveiled this week.

At close on Wednesday, the Karachi Stock Exchange (KSE) benchmark 100-share index recorded a rise of 0.04% or 13.28 points to end at 33,908.62.

In the morning, the market opened on a bullish note with some investors booking profits.

The index touched an intra-day high of over 200 points, however, the market corrected itself to close range bound after political uncertainty resurfaced in the city.

Trade volumes remained strong which is a healthy sign ahead of the budget. Volumes, however, fell slightly to 304 million shares compared to 316 million on Tuesday.

Trading in most of the sectors remained largely range bound including banks and oil and gas sectors, while the cement sector continued to rally with Lucky Cement and Maple Leaf Cement ending 0.7% and 3.7% higher.

As the budget comes closer, the market could see volatility, though heavy allocations for development projects could reflect positively in coming days.

Shares of 369 companies were traded during the day. Of these, 171 companies closed higher, 168 fell and 30 remained unchanged. The value of shares traded during the day was Rs10.7 billion.

K-Electric Limited was the volume leader with 41.1 million shares, gaining Rs0.24 to close at Rs8.28. It was followed by Japan Power with 25 million shares, gaining Rs0.54 to close at Rs5.28 and Dewan Cement with 21.6 million shares, gaining Rs0.95 to close at Rs8.

Foreign institutional investors were net buyers of Rs30 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, June 4th,  2015.

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