market watch: Stocks close week higher with minute change

Benchmark 100-share index rises 11.51 points

Our Correspondent August 01, 2015
Benchmark 100-share index rises 11.51 points.

KARACHI: The stock market closed on Friday with a thin change after listless trading, though turnover picked up near close following a dull morning session.

Stocks traded in a narrow range as investors, primarily institutions, preferred to stay on the sidelines as there was no major news to drive the momentum.

At close, the benchmark KSE 100-share index stood at 35,741.49, inching up 0.03% or 11.51 points.

“Engro Foods (-1.8%) ended negative after announcing its earnings for half year that were in line with estimates,” said Faisal Bilwani of Elixir Securities.

“Thursday’s disappointing Fauji Fertilizer Company’s earnings continued to hurt confidence, however, late buying in index names pushed the benchmark to settle marginally positive with very selective participation.”

Meanwhile, Topline reported that consolidation activity was noticed in the bourse as investors keenly eyed corporate results.

“Buying interest was noted in refineries on the back of better-than-expected results as Attock Refinery Limited and National Refinery Limited closed at their upper locks,” it said.

“Renewed interest was recorded in gas distribution companies - SNGPL and SSGC - on expectations about their results.”

Topline added investors resorted to some profit-taking after Engro Foods announced half-year results that met expectations.

Shares of 359 companies were traded on the last trading session of the week. Of these, 161 companies closed higher, 175 fell and 23 remained unchanged.

Trading volumes decreased to 299 million shares compared to 428 million on Thursday.

Silkbank was the volume leader with 49.8 million shares, losing Rs0.05 to close at Rs0.21. It was followed by Ghani Automobile with 27.1 million shares, losing Rs0.95 to close at Rs12.33 and TRG Pakistan Limited with 21.9 million shares, losing Rs0.77 to close at Rs40.78.

Foreign institutional investors were net buyers of Rs55 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, August 1st, 2015.

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