market watch : Index ends marginally negative

Benchmark 100-share index drops by 34 points

Our Correspondent June 18, 2015
Benchmark 100-share index drops by 34 points

KARACHI: Concerns over impact of structural reforms in taxation and energy coupled with consolidation ahead of the new tax slabs applicable on capital gains from next month played a major role in bearish sentiments at the index.

At close, the Karachi Stock Exchange (KSE) 100-share index recorded a fall of 0.10% or 34.30 points to end at 34,482.00.

According to an analyst at Topline Securities, market remained range-bound as investors continued to trim their position amidst increasing political noise. This occurred despite Moody’s upgrading rating of five banks in Pakistan.

In anticipation of improved earnings ahead of the fiscal year 2015 result, K-Electric remained in the limelight posting heavy volumes, taking the average to 160 million shares in the last three sessions.

The analyst added that investor interest was seen in Engro Corporation (ENGRO), Engro Foods (EFOODS) and Engro Fertilizers (EFERT) which increased by 0.9%, 0.8% and 1.3%, respectively. “Foreigners were net buyers as they bought and sold shares worth $17 million and $11 million respectively.”

Trade volumes increased to 540 million shares compared to 525 million on Tuesday. The value of shares traded during the day was Rs15.7 billion.

Shares of 388 companies were traded on Wednesday. Of these, 184 companies closed higher, 178 fell and 26 remained unchanged. K-Electric Limited was the volume leader with 143.9 million shares, gaining Rs0.24 to close at Rs8.81. It was followed by Jahangir Siddiqui and Company with 36.3 million shares, gaining Rs0.22 to close at Rs24.03 and Dewan Cement with 31.6 million shares, gaining Rs0.26 to close at Rs11.25.

Foreign institutional investors were net buyers of Rs606 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, June 18th,  2015.

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