KARACHI: The bourse witnessed a lacklustre day with volumes remaining low but the volatility saw the index making a minute climb by the end.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.07% or 20.99 points to end at 29,697.79.
Elixir Securities analyst Naveen Yaseen said equities traded lacklustre in directionless trading with KSE-100 closing the day with roughly 50 million shares changing hands — lowest since October last year.
“Local investors remained sidelined as index heavy Oil and Gas Development Corporation (OGDC) -.5%, Pakistan State Oil (PSO) -.5% and National Bank (NBP) -.4% succumbed to profit-taking,” said Yaseen
“Illiquid value plays such as Packages Ltd (PKGS) +3.7%, Thal Limited (THALL) +5% and IGI Insurance (IGIIL) +2.1% stayed strong during the day on the back of reported foreign buying while Hub Power (HUBC) +1.65% added to gains as market sees strong cash flow jump post courts recent decision in favour of the company on a tax dispute.
“Additionally, Lafarge Cement (LPCL) +1.2% led the volume charts as investors take a bet on news flow regarding its upcoming acquisition.”
JS Global analyst Fahad M Ali said the banking sector is expected to be in the limelight in the next few sessions as government has set a borrowing target of Rs1 trillion for 1QFY15. Trade volumes fell to 73 million shares compared with Wednesday’s tally of 132 million. The value of shares traded during the day was Rs4.01 billion.
LPCL was the volume leader with 6.1 million shares, gaining Rs0.19 to finish at Rs16.31. It was followed by Sui Northern Gas Company with 4.06 million shares, gaining Rs0.77 to close at Rs23.13 and Sui Southern Gas Company with 3.9 million shares, declining Rs0.62 to close at Rs36.63.
Foreign institutional investors were net buyers of Rs481 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, July 4th, 2014.
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