KARACHI: The benchmark-100 index continued to suffer from lacklustre trading as activity remained limited to select stocks.
Investors chose to remain on the sideline amid declining crude oil prices and lack of triggers as only the results announcements provided some impetus. The long weekend meant investors refrained from taking fresh positions and are looking at next week for direction.
At close on Wednesday, the KSE-100 index rose 0.10% or 33.57 points to end at 33,943.74.
JS Global analyst Ahmad Saeed Khan said Wednesday’s session exhibited continued volatility as the index juggled between -0.15% and +0.37% with low volumes.
“Positivity prevailed in the banking sector after better than previous results were released by HBL (+2.29%) showing a 22% YoY growth,” he said. “The sector rallied where all major scrips stayed majorly in the green. The big fives remained positive throughout the day and closed marginally in the green zone.
“However, depressed global crude oil prices meant the exploration and production sector remained depressed where major scrips in the sector closed negatively with the exception of HASCOL (+2.37%).”
Meanwhile, Topline Securities, in its report, said the earnings announcements helped investors engage in select stocks. “Pakistan Petroleum Limited (PPL) fell 3.8% in today’s session after posting below than expected results,” stated its report. “Investors took fresh positions in Pak Elektron (PAEL) as the rumour of lower-than-expected quarterly results subsided.”
Trade volumes fell to 139 million shares compared with Tuesday’s tally of 170 million shares.
Shares of 392 companies were traded on Wednesday. At the end of the day, 159 stocks closed higher, 203 declined while 30 remained unchanged. The value of shares traded during the day was Rs8.5 billion.
Pak Elektron was the volume leader with 19.2 million shares, gaining Rs3.11 to finish at Rs79.86. It was followed by Byco Petroleum with 11.86 million shares, losing Rs1.05 to close at Rs26.85 and TRG Pak Limited with 8.2 million shares, losing Rs0.68 to close at Rs36.67.
Foreign institutional investors were net sellers of Rs18.66 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 22nd, 2015.
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