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Market watch Volatile session concludes with flat result

Market watch: Volatile session concludes with flat result

KARACHI: A largely positive day ended with flat gains for the benchmark-100 index with volatile trading and mixed emotions skewing the session.

At close on Thursday, the Pakistan Stock Exchange’s benchmark KSE 100-share Index recorded a minute fall of 1.29 points to end at 41,252.17.

Elixir Securities analyst Ali Raza said equities closed little changed after volatile trading with benchmark KSE100 index witnessing swings in a narrow range of 205 points.

“Trading activity remained upbeat in the wider market with volumes on KSE All share index crossing the 800 million mark, up 30% versus Wednesday,” said Raza.

“Stocks opened positive led by gains in select index names that pushed KSE-100 index to test all-time high of 41,446. However, they could not sustain the run and traded volatile with notable index heavy names coming under selling pressure.

“Habib Bank (HBL, -1.1%) and MCB Bank (MCB,-1.3%) closed lower and cumulatively dented KSE-100 index by over 50 points, while Dawood Hercules (DAWH, +5%), DG Khan Cement (DGKC,+1.4%) and United Bank (UBL,+0.6%) countered the declines and cumulatively added 70 points to Index.”

JS Global analyst Nabeel Haroon said volatility prevailed in the market as the index traded between an intraday high of 193 points and intraday low of 22 points to finally close on a flat note.

International Steel Limited and Mughals Pakistan Limited were top performers of the aforementioned sector, as they gained to close on their respective upper circuits.

“Hubco (0.98%) gained on the back of the news that Thar Energy Limited (TEL), a wholly-owned subsidiary of Hub Power Company, has applied for a licence from National Electric Power Regulatory Authority to set up a 330-megawatt local coal-based power generation facility at Thar Block II.”

Harooon said mixed sentiments prevailed in the exploration and production sector on the back of nominal decline in crude oil prices amid concerns that U.S. shale producers might increase production if the price surges above current levels.

Trade volumes rose to 774.8 million shares compared with Wednesday’s tally of 657.8 million.

Shares of 462 companies were traded. At the end of the day, 218 stocks closed higher, 229 declined while 15 remained unchanged. The value of shares traded during the day was Rs18.12 billion.

World Call Limited was the volume leader with 80.7 million shares, gaining Rs0.37 to finish at Rs3.15. It was followed by Bank of Punjab with 76.9 million shares, losing Rs0.31 to close at Rs15.70 and Pace Pakistan Limited with 50.1 million shares, gaining Rs0.75 to close at Rs12.24.

Foreign institutional investors were net buyers 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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