Market watch: KSE-100 finds insurgency nearby 50,000, ends roughly flat
Benchmark KSE 100-share Index gains 15.57 points PHOTO: AFP
KARACHI: The benchmark-100 index sealed small altered after trade in a slight operation notwithstanding witnessing healthy activity as volumes and turnover both saw a burst of 58% and 80%, respectively.
A certain start saw a index fast pierce past a 50,000-point separator though mid-day profit-taking and unsatisfactory formula took fee on a KSE-100 that staid roughly prosaic compared to Tuesday’s close.
At tighten on Wednesday, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a arise of 0.03% or 15.57 points to finish during 49,874.96.
According to Elixir Securities, notably, many activity was focused in sideboards and suppositional plays while vital sectors detached from financials and name EPs garnered small interest.
Market watch: Index witnesses lifeless session, though closes positive
“Lower-than-expected gain announcements by MCB Bank (MCB PA -2.9%) and Engro Fertilizers (EFERT PA -1.2%) resulted in both names entrance underneath sellers’ wrath, while Cherat Cement (CHCC PA +0.3%) sealed marginally adult notwithstanding announcing aloft than approaching earnings,” pronounced researcher Ali Raza.
“As expected, gas utilities confirmed their northbound float on Tuesday’s news of designed second gas tube for RLNG import; Sui Southern Gas Company (SSGC PA +5%), Sui Northern Gas Company (SNGP PA +5%),” he said.
“Moreover, steel section came in a limelight and sealed aloft as investors cheered new notice by NTC that imposed anti-dumping duties on Chinese imports of galvanised steel for a duration of 5 years; International Steels (ISL PA +5%), International Industries (INIL PA +5%), Aisha Steel (ASL PA +5%),” Raza remarked.
Weekly review: Local bourse succumbs to offered pressure
“We see marketplace to sojourn choppy in near-term with KSE-100 Index anticipating clever insurgency during 50,000,” he added.
Meanwhile, JS Global researcher Nabeel Haroon pronounced sensitivity prevailed in a marketplace as a index traded between an intraday high of +175 points and an intraday low of -117 points to finally tighten on a prosaic note (+0.03%).
“MCB (-2.92%) in a banking section weighed down on a index, as a bank announced a 2016 result. In a outcome announcement, a bank posted EPS of Rs19.67, that was reduce than travel estimates. This was accompanied by a final money division of Rs4/share holding a full year pay-out to Rs16/share,” pronounced Haroon.
“EFERT (-1.19%) in a fertilizer section mislaid value to tighten in a red zone, as a association announced a 2016 result.
Market watch: Index undergoes see-saw float to finish in a red
“In a outcome announcement, a association posted 40% YoY reduce EPS of Rs6.98, along with a year-end money division of Rs2.5/share holding a full year pay-out to Rs7/share,” pronounced a analyst.
“Moving forward, we suggest investors to amass new positions on dips in a market,” he added.
Trading volumes rose to 498 million shares compared with Tuesday’s total of 397 million.
Shares of 426 companies were traded. At a finish of a day, 236 bonds sealed higher, 177 declined while 13 remained unchanged. The value of shares traded during a day was Rs20.7 billion.
market watch: Index sees flighty ride, though finishes positive
Lotte Chemical was a volume personality with 39.1 million shares, losing Rs0.41 to finish during Rs10.69. It was followed by Dost Steels with 37.3 million shares, gaining Rs1.00 to tighten during Rs15.63 and Power Cement Limited with 36.5 million shares, gaining Rs0.68 to tighten during Rs17.25.
Foreign institutional investors were net buyers of Rs4 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1320824/market-watch-kse-100-finds-resistance-near-50000-ends-almost-flat/