Jun 302017

KARACHI: The KSE 100-share Index ended in the red zone on Friday as its positive streak over three sessions finally came to an end despite increased trading activity.

At the close of trading, the benchmark KSE 100-share Index finished with a fall of 146.56 points or 0.31% at 46,565.29.

The stock market maintained its volatility with a brief positive open followed by a substantial drop of over 180 points. It continued to fluctuate in the red and green zones, touching a high of 46,825 points.

The momentum was short-lived, however, as the index lost over 300 points instantly. Towards the end of the session, it gave way again and slumped to its intra-day low of 46,507.

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Elixir Securities in its report stated that index names saw partially improved activity on reported rebalancing by foreign institutional investors while select sideboard stocks also saw a surge in volumes on possible window-dressing at the end of the fiscal year.

“Pakistan equities closed last day of the fiscal year 2017 lower after the benchmark KSE-100 index traded volatile in a narrow range and settled 0.3% down above 46,500. Activity was higher as turnover increased 25%.”

On the leaders board, major positive contribution came from index-heavy Habib Bank (+1.2%) on reported foreign buying while major dent came from Hub Power (-3.5%) after its sponsor Dawood Hercules (-2.8%) notified the exchange that it was contemplating selling its entire shareholding in the company.

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Despite the recent correction, the KSE-100 index was up 23.2% in US dollar terms during FY17, outperforming the MSCI Emerging Markets index (21.6%) and the MSCI Frontier Markets index (15%).

“The market is expected to trade dull next week with investors likely trading selectively and monitoring developments in domestic politics as key members of the premier’s family are due to appear before an investigative panel probing graft charges,” the report added, highlighting the sensitive political climate in the country.

Overall, trading volumes increased to 235 million shares compared with Thursday’s tally of 187 million.

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Shares of 365 companies were traded. At the end of the day, 212 stocks closed higher and 132 declined while 21 remained unchanged. The value of shares traded during the day was Rs9.39 billion.

K-Electric Limited was the volume leader with 29.7 million shares, gaining Rs0.05 to close at Rs6.90. It was followed by NIB Bank Limited with 23 million shares, gaining Rs0.25 to close at Rs1.72 and Engro Polymer with 18 million shares, losing Rs1.23 to close at Rs36.50.

Foreign institutional investors were net sellers of Rs135 million during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

The post Market watch: Positive streak comes to an end at PSX appeared first on The Express Tribune.

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