Market watch: KSE-100 succumbs to profit-taking, sheds some value
KARACHI: The batch marketplace gifted a see-saw event on Tuesday as a benchmark index unsuccessful to means Monday’s intelligent convene and sealed small changed.
In a morning, trade began on a certain note, holding a KSE-100 index above 41,000 points. However, in a latter session, a index succumbed to profit-taking, that wiped out all a morning gains.
At close, a benchmark KSE 100-share Index purebred a diminution of 66.43 points or 0.16% to finish during 40,724.96 points.
Elixir Securities, in a report, settled Pakistan equities stood marginally reduce after a KSE-100 index met insurgency during highs and midday profit-taking totally wiped out all initial gains.
“Activity, however, available a conspicuous alleviation clear from $92 million value of shares changing hands on a KSE All-share Index, adult 60% vs Monday,” pronounced a report.
Shortly after a choppy start, a marketplace regained movement with automobile bonds providing a early pull as a section came in a limelight after a supervision lifted regulatory duties on alien cars by 15% opposite all segments. Pak Suzuki Motor Company (PSMC, +5%) and Honda Atlas Cars (HCAR, +5%) strike their top circuits.
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Notable names opposite oil, concrete and consumer products sectors followed fit and pushed a KSE-100 index aloft by 560 points or 1.45%.
Pakistan Oilfields (POL, +3.5%) continued a convene on a proclamation of one-off gains on comment of retrospective outcome of wellhead gas pricing of comparison fields.
On a formula front, International Steels (ISL, -3.4%) sealed reduce after announcing unsatisfactory earnings.
“(We) see flighty trade to continue in a nearby tenure with flows and gain running marketplace direction,” a news added.
JS Global researcher Maaz Mulla pronounced bullish sentiments prevailed during initial hours of a day, pulling KSE-100 adult by 562 points. However, disastrous sentiments brought a index down to 40,725 during a close.
Major index movers were Indus Motor (+2.18%), HCAR (+5%), PSMC (+5%), POL (+3.49%) and Searl (+4.88%) as they cumulatively contributed 102 points to a index.
On a flipside, Lucky Cement (-1.44%), Attock Refinery (-2.34%), Sui Northern Gas Pipelines (-4.05%), Hubco (-2.10%) and ISL (-3.39%) were vital laggards of a KSE-100, cumulatively contributing -98 points to a index.
ISL from a steel section announced a 1QFY18 formula where a association posted gain per share of Rs2.31. MCB Bank (-0.30%), National Bank (-1.65%) and Habib Bank (-0.83%) from a blurb banking section also strew points.
Stock marketplace ends week during a lowest turn for 2017
Askari Bank (+2.28%) sealed in a immature section as it announced a formula for 9MCY17 where a bank posted gain per share of Rs3.35 and division per share of Rs1, that came above expectations.
“The marketplace is approaching to redeem in entrance days; we suggest investors to trade in categorical house bonds and take long-term positions to advantage from undervalued batch prices,” Mulla added.
Overall, trade volumes rose to 166 million shares compared with Monday’s total of 124 million.
Shares of 389 companies were traded. At a finish of a day, 147 bonds sealed higher, 226 declined while 16 remained unchanged. The value of shares traded during a day was Rs9.7 billion.
Aisha Steel Mills was a volume personality with 15.2 million shares, gaining Rs1 to tighten during Rs18.16. It was followed by TRG Pakistan with 11 million shares, losing Rs0.69 to tighten during Rs33.43 and Dost Steels with 9.5 million shares, gaining Rs0.44 to tighten during Rs12.24.
Foreign institutional investors were net sellers of Rs67 million during a trade session, according to information gathered by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1533756/market-watch-kse-100-succumbs-profit-taking-sheds-value/