Market watch: Index slips below 34,000 points

Benchmark 100-share index falls 193 points.

Our Correspondent June 27, 2015
Benchmark 100-share index falls 193 points.

KARACHI: Lack of triggers coupled with profit-taking meant the index remained under pressure, ending the week below the 34,000-point level.

At close, the benchmark KSE-100 index stood at 33,885.13 points, recording a fall of 0.57% or 192.79 points.

“Despite healthy volumes, selling was witnessed across the bourse. Sideboard scripts remained in the limelight,” said Ahmed Saeed Khan of JS Global.

“After its recent rally in Pak Elektron (PAEL) and Byco, profit-taking was witnessed in the former whereas a selling spree was seen in the latter as both scrips ended at their lower-circuit.

“Cements posted recoveries as it ended mixed through the day’s trade.

Lucky Cement and Cherat Cement Company ended 1.4% and 0.9% higher respectively, while DG Khan Cement and Maple Leaf Cement Factory ended marginally lower by 1% and 1.4%, respectively.

“Lack of any trigger in the oil sector, as global prices stabilise, translated into stability with PSO, OGDCL and PPL shedding by 1.5%, 2.3% and 2.8%, respectively.

“Moving forward, we believe the market can recover from its current low with cements continuing to be our top pick,” Khan suggested.

Trade volumes decreased to 400 million shares compared to 549 million on Thursday. The value of shares traded during the day was Rs12.6 billion.

Shares of 348 companies were traded on the last trading session of the week. Of these, 95 companies closed higher, 230 fell and 23 remained unchanged.

K-Electric Limited was the volume leader with 51.5 million shares, losing Rs0.22 to close at Rs8.06. It was followed by Dewan Cement with 29.8 million shares, losing Rs0.97 to close at Rs13.88 and PACE (Pakistan) Limited with 27.3 million shares, losing Rs0.58 to close at Rs6.77.

Foreign institutional investors were net sellers of Rs553 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, June 27th, 2015.

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