Market watch: Trading remains range-bound, index still ends in the black

Benchmark 100-share index gains 56.59 points.

Benchmark 100-share index gains 56.59 points.

KARACHI: The index traded within a thin range ahead of the weekend as new buyers emerged post development on the MSCI EM status and Moody’s rating upgrade.

At close, the Karachi Stock Exchange (KSE) 100-share index recorded a rise of 0.16% or 56.59 points to end at 34,651.29.

Elixir Securities’ Sibtain Mustafa said select stocks rallied across the textile and cement sectors. “Nishat Mills Limited (NML PA), the laggard textile play, made some fresh highs as market finally placed bets on likely gains from government incentives announced in the budget,” said Mustafa.

“Fauji Bin Qasim (FFBL PA) went up 20% this week, a substantial run due to the company being in its final stages of setting up a meat production and export business after a new export company held its book building which was oversubscribed by at least three times  and over 100% premium to its offer price.

“It was a day where mostly retail favorites were in the limelight with Jahangir Siddiqui and Company Limited and TRG continued their upward ride.”

Trade volumes increased to 431 million shares compared to 381 million on Thursday. The value of shares traded during the day was Rs15.5 billion.

Shares of 385 companies were traded. Of these, 208 companies closed higher, 154 fell and 23 remained unchanged.

Byco Petroleum was the volume leader with 41.1 million shares, gaining Rs0.18 to close at Rs16.20. It was followed by Dewan Cement with 27.1 million shares, gaining Rs1 to close at Rs9.94 and Lotte Chemical with 26.9 million shares, gaining Rs0.18 to close at Rs7.19. Foreign institutional investors were net sellers of Rs71 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, June 13th,  2015.

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