Market watch: Index endures another day in the red
Benchmark KSE-100 index falls 51.44 points.
. PHOTO: AFP/FILE
KARACHI:
A brief spell of riding positive was followed by a gradual decline as the benchmark-100 index ended another day in the negative with investors awaiting clarity on the monetary policy due to be announced on Saturday (today).
At close on Friday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.15% or 51.44 points to end at 33,857.
JS Global analyst Ovais Ahsan said the market continued to trade within a tight range as a stalemate prevailed between the bulls and bears. “Major participants remained on the side-lines ahead of the monetary policy statement. The consensus call in the market is that the State Bank of Pakistan (SBP) will keep the policy rate unchanged at 6%.
“Major index movers were Engro (-1.08%), Lucky Cement (-0.95%) and Oil and Gas Development Company (-0.71%).
“K-Electric (-0.26%) saw some selling pressure on the back of news that it has been ordered by NEPRA to refund Rs1.5 billion collected under bank charges.”
Meanwhile, Global Research, in its report, stated the market experienced another lacklustre day, stretching its losing streak to three days. “The KSE-100 opened with considerable momentum, soaring by 100pts.
“However, it succumbed to selling pressure during the second half.
“Mid-cap stocks continued topping the volumes chart with Silk Bank (-1.03%), TRG Pakistan (+3.24%), Bank of Punjab (+2.29%) and Pace (-3.80%) cumulatively contributing 73 million shares.”
Trade volumes fell to 182 million shares compared with Thursday’s tally of 190 million shares.
Shares of 361 companies were traded on Friday. At the end of the day, 154 stocks closed higher, 189 declined while 18 remained unchanged. The value of shares traded during the day was Rs5.9 billion.
Silk Bank was the volume leader with 33.3 million shares, losing Rs0.02 to finish at Rs1.93. It was followed by TRG Pakistan with 15.8 million shares, gaining Rs1.27 to close at Rs40.51 and Bank of Punjab (BOP) with 14 million shares, gaining Rs0.21 to close at Rs9.39.
Foreign institutional investors were net sellers of Rs104 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 21th, 2015.
A brief spell of riding positive was followed by a gradual decline as the benchmark-100 index ended another day in the negative with investors awaiting clarity on the monetary policy due to be announced on Saturday (today).
At close on Friday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.15% or 51.44 points to end at 33,857.
JS Global analyst Ovais Ahsan said the market continued to trade within a tight range as a stalemate prevailed between the bulls and bears. “Major participants remained on the side-lines ahead of the monetary policy statement. The consensus call in the market is that the State Bank of Pakistan (SBP) will keep the policy rate unchanged at 6%.
“Major index movers were Engro (-1.08%), Lucky Cement (-0.95%) and Oil and Gas Development Company (-0.71%).
“K-Electric (-0.26%) saw some selling pressure on the back of news that it has been ordered by NEPRA to refund Rs1.5 billion collected under bank charges.”
Meanwhile, Global Research, in its report, stated the market experienced another lacklustre day, stretching its losing streak to three days. “The KSE-100 opened with considerable momentum, soaring by 100pts.
“However, it succumbed to selling pressure during the second half.
“Mid-cap stocks continued topping the volumes chart with Silk Bank (-1.03%), TRG Pakistan (+3.24%), Bank of Punjab (+2.29%) and Pace (-3.80%) cumulatively contributing 73 million shares.”
Trade volumes fell to 182 million shares compared with Thursday’s tally of 190 million shares.
Shares of 361 companies were traded on Friday. At the end of the day, 154 stocks closed higher, 189 declined while 18 remained unchanged. The value of shares traded during the day was Rs5.9 billion.
Silk Bank was the volume leader with 33.3 million shares, losing Rs0.02 to finish at Rs1.93. It was followed by TRG Pakistan with 15.8 million shares, gaining Rs1.27 to close at Rs40.51 and Bank of Punjab (BOP) with 14 million shares, gaining Rs0.21 to close at Rs9.39.
Foreign institutional investors were net sellers of Rs104 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 21th, 2015.