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market watch: Index sees flighty ride, though finishes certain (
- Updated: February 2, 2017
KARACHI: The benchmark index witnessed a flighty float on Thursday as investors continued to be endangered over probable outcomes of a Securities and Exchange Commission Pakistan’s statute opposite extrinsic financing.
As a result, a marketplace witnessed a dip, touching a low of -22 points after engagement an intra-day high of +475 points.
At close, however, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a arise of 0.42% or 210.11 points to finish during 49,665.97.
Trading volumes rose to 447 million shares compared with Wednesday’s total of 356 million.
Elixir Securities researcher Ali Raza pronounced equities confirmed their northbound float with a benchmark KSE-100 Index settling above 49,600 notwithstanding witnessing mid-day profit-taking.
“Market carried movement and non-stop aloft with index complicated oils heading early gains as investors’ tracked arise in tellurian crude, while sideboards in autos, steel and pharma sectors that led a convene (on Wednesday).
“Later on, a index became a plant of profit-taking and erased all gains to enter a disastrous territory. However, index complicated oils saved a day in final hours of trade as they tracked swell in tellurian crude.
“Highlight of a day was Pakistan State Oil (+5%) that sealed during top cost extent on reported internal shopping forward of a gain proclamation over a weekend.”
Meanwhile, pronounced Raza, Oil and Gas Development Company (+1.1%) bounced behind from bottom while Fauji Foundation (FFC,-1.2%) traded marginally reduce on news of government’s preference to offload a interest in Mari Petroleum (+4.1%).
JS Global researcher Nabeel Haroon pronounced positivity prevailed during many of a day, as a index gained to make an intraday high of +478 points.
“Pressure was witnessed in a marketplace for a brief duration of time as it mislaid belligerent to make an intraday low 29 points,” pronounced Haroon. “This vigour was brief lived as index recovered during a latter hours to tighten 210 points aloft than a prior day close.
“International Steel Limited gained to tighten on a top circuit for a second uninterrupted day of a week on a behind of a enlargement devise announced by a association on Wednesday, pronounced Haroon.
Shares of 426 companies were traded. At a finish of a day, 199 bonds sealed higher, 213 declined while 14 remained unchanged. The value of shares traded during a day was Rs24.1 billion.
Dost Steels Limited was a volume personality with 57.6 million shares, gaining Rs0.60 to finish during Rs14.73. It was followed by K-Electric Limited with 42.7 million shares, gaining Rs0.13 to tighten during Rs10.41 and TRG Pakistan Limited with 32.4 million shares, gaining Rs1.83 to tighten during Rs58.63.
Foreign institutional investors were net sellers of Rs651 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Published in The Express Tribune, Feb 3rd, 2017.
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