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Market watch Profit-taking wipes off all gains as index ends almost flat

Market watch: Profit-taking wipes off all gains as index ends almost flat

KARACHI: Profit-taking wiped off almost all gains the benchmark index made in early trade, closing almost flat after investors took renewed interest in auto and oil stocks to take KSE-100 past the 41,650-point mark.

At close, the Pakistan Stock Exchange’s benchmark KSE-100 rose 0.02% or 8.07 points to end at 41,412.04 after a two-day break.

Elixir Securities analyst Faisal Bilwani said equities closed unchanged on the first trading day after holidays with volatile trading keeping investors guessing on market direction.

“Against expectation, stocks opened positive with benchmark KSE-100 testing 41,400 with autos Honda Atlas Car (HCAR, +5%), Indus Motors (INDU, +5%) and Pakistan Suzuki (PSMC +5%) and oil stocks leading,” said Bilwani. “The former rose on renewed investors interest after upgrade by a broker and latter tracking global crude with reports of institutional buying doing rounds.”

Bilwani added that early excitement was countered by profit taking that wiped all the gains with political noise the likely culprit as investors see anxiety to increase as we get closer to month-end protests by PTI.

“With holidays over, activity in wider market improved significantly as volumes and turnover on PSX All shares were up by 25% vs previous trading session; small and mid-cap stocks driven by retail activity again topping the volumes table.”

Meanwhile, JS Global analyst Nabeel Haroon said volatility prevailed as the index continuously juggled between an intraday high of +227 points and intraday low of -60 points to finally close on a flat note (0.02%).

“Both gas utilities SNGP (-4.38%) and SSGC (-5%) lost value to close in the red zone as Ogra clarified that it has not proposed any increase in gas prices contrary to news article published earlier this week.

“Meezan Bank Limited (MEBL, 3.38%) gained on the back of news that Pak China Investment Company Ltd (PCICL) and MEBL have entered into a strategic alliance for promotion of bilateral trade and investment between Pakistan and China,” said Haroon.

“Both financial institution have committed to facilitate businesses of both countries undertaking strategic projects especially those that are part of the China-Pakistan Economic Corridor (CPEC).

Trade volumes rose to 440 million shares compared with Monday’s tally of 363 million.

Shares of 458 companies were traded. At the end of the day, 211 stocks closed higher, 233 declined while 14 remained unchanged. The value of shares traded during the day was Rs14.7 billion.

Bank of Punjab was the volume leader with 64 million shares, gaining Rs0.73 to finish at 17.28. It was followed by Aisha Steel Mill with 18.8 million shares, gaining Rs0.61 to close at Rs14.84 and Askari Bank with 17.5 million shares, gaining Rs0.43 to close at Rs22.10.

Foreign institutional investors were net sellers of Rs198 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Courtesy : Express Tribune



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