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Market watch: Index fails to stay over 43,000, ends almost flat

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KARACHI: Regardless of heavy overseas shopping for, the inventory market remained beneath stress with the KSE-100 Index ending nearly flat on the opening day of the week.

A quick constructive open, which noticed the index surge past 43,000 on the again of curiosity in fertiliser scrips, was adopted by profit-taking. The index recovered, however nonetheless closed little modified from the day before today’s shut.

At shut, the benchmark KSE 100-share Index recorded a fall of 6.55 factors or Zero.02% to face at 42,743.65.

In line with Elixir Securities, Pakistan equities closed little modified in risky buying and selling and after wiping all intra-day positive aspects on profit-taking.

“Market opened larger with fertilisers main the surge as traders tracked international urea costs that posted greatest weekly acquire in nearly 4 years,” acknowledged the report. “Fauji Fertilizers (FFC PA +5%) was the most important beneficiary, because it has unused exports quota in comparison with Engro Fertilizers (EFERT PA +three.9%), and contributed most to positive aspects and churned highest volumes for the reason that day of Pakistan’s entry in MSCI EM Index.”

Weekly evaluation: Uncertainty erodes away positive aspects, KSE-100 ends nearly flat

The broader market constructed on fertilisers’ lead with notable index names buying and selling in inexperienced and pushing KSE-100 Index to check 43,000. Market then witnessed profit-taking, which fully wiped all morning positive aspects with Nationwide Financial institution (NBP PA -5%) hitting cheaper price restrict and denting benchmark Index probably the most after Supreme Court docket dismissed financial institution’s enchantment in opposition to Lahore Excessive Court docket’s choice in Pension Legal responsibility case.

“[We] see consolidation and rangebound buying and selling in near-term with home political noise and ongoing holy month of Muharram preserving most traders on the sidelines; The index might hover in a variety of 500 factors with assist and resistance outlined round 43,000 and 42,000 ranges respectively,” the report added.

JS World anlalyst Maaz Mulla mentioned the index noticed a lacklustre session, making an intraday excessive of +337 and intraday low of -122 factors, ending practically at earlier day’s shut at 42,744 degree.

Market volumes additionally remained low as complete quantity for the All-Share index touched 126mn shares, four.four% down from the final buying and selling day.

NML (-Zero.99%) from the textile sector introduced its FY17 end result, the place the corporate posted consolidated EPS of Rs17.55 and in addition introduced last money dividend of Rs5/share.

ASL (+Zero.63%) from the metal sector additionally introduced its FY17 end result the place the corporate posted an EPS of Rs1.31. NBP (-5%) from the banking sector closed at its decrease circuit on Supreme Court docket’s choice to dismiss enchantment filed by NBP, sustaining judgment of the Lahore Excessive Court docket to launch pensionary advantages to the financial institution’s pensioners.

Amid sluggish buying and selling, KSE-100 ends nearly flat

Then again, a rally was witnessed within the fertiliser sector the place EFERT (+three.90%), FFC (+four.97%) and FFBL (+2.66%) closed within the inexperienced zone as worldwide urea costs jumped by 9%, touching USD 275/ton.

“Shifting ahead, we anticipate volatility to proceed except any readability emerges over the continued political situation. We advocate traders to stay cautious and promote on power,” Mulla remarked.

Total, buying and selling volumes fell to 126 million shares in contrast with Friday tally of 132 million.

Shares of 382 corporations have been traded. On the finish of the day, 138 shares closed larger, 223 declined whereas 21 remained unchanged. The worth of shares traded in the course of the day was Rs6.9 billion.

Aisha Metal Mill was the quantity chief with 7.eight million shares, gaining Rs0.12 to shut at Rs19.29. It was adopted by Ok-Electrical Restricted with 7.three million shares, gaining Rs0.04 to shut at Rs6.31 and Fauji Fertilizer XD with 6.four million shares, gaining Rs3.90 to shut at Rs82.40.

International institutional traders have been web patrons of Rs491 million in the course of the buying and selling session, in response to knowledge compiled by the Nationwide Clearing Firm of Pakistan Restricted.

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