Market watch: KSE-100 annals pointy swings, closes in a green
Benchmark index increases 23.70 points and settles during 50,144. PHOTO: AFP
KARACHI: In contrariety to Monday’s large rise, a batch marketplace available a flighty event on Tuesday, with a index overhanging between a red and immature zones, before settling somewhat above prior day’s close.
At a finish of trading, a benchmark KSE 100-share Index showed an boost of 23.70 points or 0.05% to tighten during 50,144.63.
Elixir Securities, in a report, settled Pakistan equities sealed small altered after a lifeless trade event where fewer than 90 million shares altered hands on a benchmark KSE-100 index.
“The wider marketplace unsuccessful to lift a movement after Monday’s swell and traded flighty and operation firm with a benchmark index hopping between immature and red zones mixed times during a day,” pronounced researcher Ali Raza.
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“Overnight waste in tellurian wanton marketplace resulted in oil bonds trade and shutting reduce while a fear of intrusion in LNG supply from Qatar also impacted Sui Northern Gas Pipelines (-2.9%) and Engro Corp (-0.5%) negatively,” he said.
However, reported institutional flows in financial and concrete bonds helped important blue chips to tighten higher, that enclosed Habib Bank (+1.5%), Lucky Cement (+1.4%), DG Khan Cement (+1.6%) and Maple Leaf Cement (+3.1%).
Moreover, Kohat Cement (+1.6%) came in a limelight after a association announced that it would boost a existent ability by 83% by approach of 2.3 million tons per annum expansion, pronounced Raza.
“We see a marketplace to be mostly driven by institutional flows with a benchmark KSE-100 index expected consolidating gains nearby stream levels in a nearby term,” he added.
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JS Global researcher Arhum Ghous pronounced a marketplace witnessed a flighty event with a KSE-100 index attack an intra-day high of +190 points and intra-day low of -201 points to finally tighten 24 points adult during 50,144.
“International oil prices slipped as Saudi Arabia and other Arab states cut tactful ties with Qatar. This was reflected in oil bonds among that OGDC and Pakistan Oilfields sealed 1.43% and 1.62% down respectively,” pronounced Ghous.
On a other hand, a concrete zone confirmed a certain movement on a behind of rumours of boost in product prices. Lucky Cement (+1.43%), DG Khan Cement (+1.57%), Maple Leaf Cement (+3.11%) and Fauji Cement (+1.75%) done certain contributions to a index.
“We design a marketplace to say a sensitivity in entrance days,” a researcher added.
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Overall, trade volumes fell to 231 million shares compared with Monday’s total of 255 million.
Shares of 365 companies were traded. At a finish of a day, 149 bonds sealed aloft and 197 declined while 19 remained unchanged. The value of shares traded during a day was Rs13.5 billion.
Engro Polymer was a volume personality with 15.99 million shares, gaining Rs1.64 to tighten during Rs34.56. It was followed by Dost Steels with 15.96 million shares, losing Rs0.07 to tighten during Rs14.02 and Power Cement (right shares) with 14.7 million shares, losing Rs0.10 to tighten during Rs2.22.
Foreign institutional investors were net sellers of Rs405 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1428908/market-watch-kse-100-records-sharp-swings-closes-green/