Benchmark KSE-100 index falls 68.36 points. PHOTO: AFP/FILE
KARACHI: Investors seemed to have taken a breather as they stayed on the sidelines as the benchmark-100 index dipped below 34,500.
Taking advantage of the slide, foreigners turned buyers in the trading session as turnover increased to 200 million shares on Thursday.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.20% or 68.36 points to end at 34,454.59.
JS Global analyst Ahmed Saeed Khan said a flattish momentum prevailed as investors stayed on the sidelines ahead of the monetary policy due to be announced later this month. “Speculations grow about the monetary policy where there is no unanimous view on interest rate cuts, both groups have equal support on their opposing arguments, resultantly, the banking sector remained under pressure where the ‘Big Five’ closed marginally in the red.
“Intraday decrease in global crude oil prices kept the sector under pressure with the exception of Attock Petroleum (APL +2.53%) and HASCOL (+2.27%). The speculative rumour of an interest rate cut this month led the cement sector to be under pressure. “
Meanwhile, Elixir Securities report stated that equities failed to hold momentum. “Morning news of an extension in IMF review for possibly two more days dented sentiment in early trade. As the day progressed, reports of foreign selling in select names kept bulls at bay.
“Oil names tracked sharp retreat in global crude with most names trading volatile while cements took a breather after breaking the laggard spell yesterday.
“News flow from IMF will set the direction ahead of the weekend while foreign selling number for today’s trade may bring negativity in the short term.” Trade volumes rose to 200 million shares compared with Wednesday’s tally of 185 million shares.
Shares of 378 companies were traded on Thursday. At the end of the day, 150 stocks closed higher, 204 declined while 24 remained unchanged. The value of shares traded during the day was Rs11 billion.
PAEL was the volume leader with 25.3 million shares, losing Rs3.36 to finish at Rs76.96. It was followed by TRG Pakistan with 17.8 million shares, gaining Rs1.98 to close at Rs41.61 and Jahangir Siddiqui (JSCL) with 17.1 million shares, losing Rs0.29 to close at Rs21.69.
Foreign institutional investors were net buyers of Rs42 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 6th, 2015.
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