Market watch: Stocks close flat as volumes remain thin
Benchmark 100-share index edges down 6.25 points
Benchmark 100-share index edges down 6.25 points
KARACHI:
Stocks closed last day of the week little changed after an uneventful session with the benchmark index moving in a narrow band.
Trade activity was very selective and small caps were volatile while index names struggled to find direction amid dismal volumes.
On Friday, the KSE 100-share index finished with a fall of 6.25 points or 0.02% to end at 36,222.63.
Elixir Securities analyst Faisal Bilwani said cement shares closed lower as concerns about a gas price hike and the demand outlook in the short term eclipsed positive news about lower coal prices. Blue-chip shares of banks also ended lower on thin activity.
“Interestingly, news flow about the IMF review of Pakistan’s economic performance that concluded yesterday (Thursday) with the approval of a $500 million instalment failed to generate excitement near close,” Bilwani said.
“Stocks are expected to continue to track flows with corporate earnings and macro-related excitement to push the benchmark index to test 36,500 points with resistance near 36,800 in the days ahead.”
Topline Securities analyst Samar Iqbal, in a report, was of the view that the market recorded range-bound activity after rallying for eight consecutive sessions.
“Oil stocks saw profit-taking after international crude prices dropped to multi-year lows,” he said.
“PSMC (Pak Suzuki Motor Co) closed 5% up after announcing robust June quarter earnings. SSGC and SNGPL also rallied 5% after the government announced an increase in natural gas tariff.”
Shares of 389 companies were traded during the day. Of these, 230 companies closed higher, 139 fell and 20 remained unchanged.
Trading volumes decreased to 291 million shares compared to 337 million on Thursday.
TRG Pakistan Limited was the volume leader with 28 million shares, losing Rs1.30 to finish at Rs37.63. It was followed by K-Electric Limited with 15.7 million shares, losing Rs0.04 to close at Rs8.21 and Jahangir Siddiqui and Company with 12.9 million shares, losing Rs0.58 to close at Rs28.78.
Foreign institutional investors were net buyers of Rs39 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, August 8th, 2015.
Stocks closed last day of the week little changed after an uneventful session with the benchmark index moving in a narrow band.
Trade activity was very selective and small caps were volatile while index names struggled to find direction amid dismal volumes.
On Friday, the KSE 100-share index finished with a fall of 6.25 points or 0.02% to end at 36,222.63.
Elixir Securities analyst Faisal Bilwani said cement shares closed lower as concerns about a gas price hike and the demand outlook in the short term eclipsed positive news about lower coal prices. Blue-chip shares of banks also ended lower on thin activity.
“Interestingly, news flow about the IMF review of Pakistan’s economic performance that concluded yesterday (Thursday) with the approval of a $500 million instalment failed to generate excitement near close,” Bilwani said.
“Stocks are expected to continue to track flows with corporate earnings and macro-related excitement to push the benchmark index to test 36,500 points with resistance near 36,800 in the days ahead.”
Topline Securities analyst Samar Iqbal, in a report, was of the view that the market recorded range-bound activity after rallying for eight consecutive sessions.
“Oil stocks saw profit-taking after international crude prices dropped to multi-year lows,” he said.
“PSMC (Pak Suzuki Motor Co) closed 5% up after announcing robust June quarter earnings. SSGC and SNGPL also rallied 5% after the government announced an increase in natural gas tariff.”
Shares of 389 companies were traded during the day. Of these, 230 companies closed higher, 139 fell and 20 remained unchanged.
Trading volumes decreased to 291 million shares compared to 337 million on Thursday.
TRG Pakistan Limited was the volume leader with 28 million shares, losing Rs1.30 to finish at Rs37.63. It was followed by K-Electric Limited with 15.7 million shares, losing Rs0.04 to close at Rs8.21 and Jahangir Siddiqui and Company with 12.9 million shares, losing Rs0.58 to close at Rs28.78.
Foreign institutional investors were net buyers of Rs39 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, August 8th, 2015.