Market watch: Interest in select stocks, index still dips

Benchmark 100-share index falls 144.59 points

Our Correspondent June 23, 2015
Trade volumes increased to 258 million shares compared to 187 million on Monday. PHOTO: AFP

KARACHI: Barring select stocks, the market continued to dip amid lacklustre volumes as investors chose to remain on the sidelines with the fiscal year coming to an end.

At close, the benchmark KSE-100 index stood at 34,133.83, recording a drop of 0.42% or 144.59 points.

According to analysts at JS Global, the cement sector showed some stability as Dera Ghazi Khan Cement Company Limited (DGKC), Maple Leaf Cement Factory (MLCF) and POWER showed an increase of 0.6%, 2.0% and 3.2%, respectively.

“As global oil prices stabilise, lack of interest was seen in the oil and gas sector with PSO, POL and PPL ending lower by 0.7%, 0.23% and 0.7%, respectively,” they added.

Sideboard scrips continued to remain under the limelight as DSL, DCL, TRG ended higher by 12.2%, 6.1% and 2.9%, respectively. Pharma sector continued its rally with almost all scrips positing strong gains.

Fauji Fertilizer Bin Qasim Limited (FFBL) ended near its upper-circuit with renewed investor interest while Pak Elektron Limited (PAEL) ended at its upper-circuit closing with strong volumes.

Meanwhile, Topline Securities analyst Muhammad Rizwan said renewed interest was seen in PAEL amid rumours that the NBP loan will be converted into ordinary shares at a higher rate, which had a positive impact on stock price, which increased by 5%.

Trade volumes increased to 258 million shares compared to 187 million on Monday. The value of shares traded during the day was Rs10 billion.

Shares of 371 companies were traded. Of these, 174 companies closed higher, 166 fell and 31 remained unchanged.

K-Electric Limited was the volume leader with 30.7 million shares, losing Rs0.02 to close at Rs8.44. It was followed by Dewan Cement with 27.3 million shares, gaining Rs0.85 to close at Rs14.85 and TRG Pakistan Limited with 24.5 million shares, gaining Rs0.89 to close at Rs31.77.

Foreign institutional investors were net sellers of Rs367 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, June 24th,  2015.

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