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Market watch: Stocks close little changed in volatile trade

KARACHI: Sui The bourse ended Thursday’s session flat as political tensions relatively subsided after Panama leaks hearing was adjourned till November 29.

At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index recorded a slight rise of 0.02% or 7.33 points to end at 42,411.80.

Elixir Securities analyst Faisal Bilwani said stocks closed unchanged after the benchmark index traded volatile in a narrow range of 200 points.

“Stocks opened sideways and traded mixed throughout as participants, primarily locals, continued to remain cautious and traded selectively given concerns over foreign flows and court hearing of (alleged investment made overseas by) PM Nawaz Sharif’s family,” he said.

According to Bilwani, major sectors including financial, exploration and production and fertiliser struggled to find a clear direction and hopped between red and green on lower volumes while cement stocks surged on reported institutional buying.

“Lucky Cement (+3%) contributed the most to gains as investors cheered morning news of progress on reaching a coal agreement by its unlisted subsidiary Lucky Electric Power Company.”

Meanwhile, Hascol Petroleum (+5%) closed at its upper price limit for the second straight day over news that UAE-based Vitol Group was increasing its shareholding in Hascol.

JS Global analyst Nabeel Haroon said volatility persisted in the market as the index traded between an intraday high of 122 points and intraday low of 77 points.

“Sui Northern Gas Pipelines (+1.44%) gained for the second consecutive day on the back of a news article that said performance of the company had improved significantly, as its UFG losses had come down, which would add considerably to the company’s bottom-line,” Haroon said.

Pakistan Oilfields Limited (+1.35%) gained as crude oil prices recovered slightly to trade near $46 per barrel on the back of Saudi Arabia’s informal talks with Russia along with other OPEC members on an output cut ahead of their official meeting on November 30.

Trade volumes rose to 497 million shares compared with Wednesday’s tally of 386 million.

Shares of 423 companies were traded. At the end of the day, 207 stocks closed higher, 197 declined while 19 remained unchanged. The value of shares traded during the day was Rs15.6 billion.

Dost Steel (R) was the volume leader with 52.3 million shares, gaining Rs1 to finish at Rs5.18. It was followed by PIAC(A) with 41.5 million shares, gaining Rs0.98 to close at Rs11.63 and The Bank of Punjab with 27.9 million shares, losing Rs0.38 to close at Rs19.34.

Foreign institutional investors were net sellers of Rs1.3 billion during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 18th, 2016.

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Courtesy : Express Tribune



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