Market watch: Index posts extrinsic benefit as volumes sojourn low
KARACHI: The KSE-100 Index finished marginally certain despite on low volumes as many of a investors stayed on a sidelines, while some opted to book intra-day gains.
The event started off on a high note after a three-day correction, though profit-booking kicked in shortly after.
At close, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a arise of 0.12% or 55.74 points to finish during 46,659.73.
Elixir Securities researcher Ali Raza pronounced Pakistan equities sealed Monday small altered after early gains that pushed benchmark KSE100 index towards 46,900 levels were wiped on profit-taking.
“Activity in wider marketplace was noticeably reduce as a year 2016 draws to a close,” pronounced Raza. “KSE-all share Index saw usually 180 million shares exchanging hands; dropping 47% vs final week’s normal and lowest in final 5 months.”
Market, after a certain open, gained usually until mid-day with index complicated scrutiny and production, financials and name index names especially pulling and pulling KSE100 index adult by some-more than 250 points, however, gains valid ephemeral as marketplace took a U-turn on profit-taking, pronounced Raza.
“On leaderboard, index complicated Hub Power (HUBC,+1.7%) contributed many certain points while biggest hole came from Bank Al-Habib (BAHL,-3.3%) and Habib Bank (HBL,-0.7%).”
JS Global researcher Nabeel Haroon pronounced positivity prevailed in a marketplace during many partial of a day as a index rallied to make an intraday high of 46,899 points.
“However distinction holding was witnessed in a marketplace during a latter hours as a index fell to tighten on a prosaic note (+0.12%),” pronounced Haroon.
“Investor seductiveness was seen in vehicle zone as it gained to tighten (+2%) aloft than a prior event close.”
“Honda Atlas Cars (+5%) and Pak Suzuki (+2.43%) were vital movers of a aforementioned sector,” pronounced Haroon.
Trading volumes fell to 179 million shares compared with Friday’s total of 229 million.
Shares of 385 companies were traded. At a finish of a day, 190 bonds sealed higher, 177 declined while 18 remained unchanged. The value of shares traded during a day was Rs8.9 billion.
TRG Pakistan was a volume personality with 18.7 million shares, gaining Rs2.02 to finish during Rs45.51. It was followed by Engro Polymer with 13.6 million shares, losing Rs0.13 to tighten during Rs18.06 and K-Electric Limited with 11.1 million shares, losing Rs0.05 to tighten during Rs9.20.
Foreign institutional investors were net sellers of Rs577 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Published in The Express Tribune, Dec 27th, 2016.
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Article source: http://tribune.com.pk/story/1275694/market-watch-index-posts-marginal-gain-volumes-remain-low/