KSE index settles below session’s high on profit-selling
By Our Staff Reporter
KARACHI, March 14: The KSE 100-share index ended the week above the barrier of 15,000 points but well below the session’s highs owing to late weekend profit-selling, signaling that its next week’s target could be much higher and at the sustainable level. The newly elected parliament will be in session when the trading resumes next week and the post-oath-taking signals could reinforce the investor perception of return of the foreign investors, some analysts hope.
In the morning session, it was up well over 100 points on strong early buying in some of the pivotals but the afternoon session witnessed a lot of selling by the day traders.
It closed the weekend session at 15,087.47 as compared to previous 15,074.92, higher by 12.55 points as leading base shares, notably PTCL, Engro Chemical, D.G. Khan Cement, OGDC, Pakistan Oilfields and some other managed to finish with good gains. It hit the session’s low and high at 15,027.44 and 15,162.95 respectively. But on the other hand the free-float 30-share index failed to sustain the early gains and ended lower by 39.97 points at 18,495.54.
Apart from some political irritants, some technical factors, including choked CFS regime also trigger selling on the liquid counters to clear leveraged positions and once both are removed the market’s current volatility will also end.
Although political news from the political front are still confusing but those who can peep through the future are pretty sure that the dye has been cast and there could be a smooth transition possibly by the next week, floor brokers said.
The revival of demand, though on selected counters and safe havens, is significant as it makes it showing that too at the weekend session on some positive developments, they added.
“The nomination of the future prime minister seems to be no issue as the coalition partners have a fair idea about the incumbent but what could interrupt the market’s upward drive is rigid positions on some core issues between the contenders of power,” fear a leading stock analyst.
Leading gainers were led by EFU Life Insurance and EFU General, up by Rs37.35 and Rs35.10, followed by Sapphire Fibres, Al-Ghazi Tractors, Engro Chemical, Tri-Pack Films, Pakistan Services, Packages, Unilever Pakistan, Thal Industries, United Sugar, Bata Pakistan and JS & Co, which were quoted higher by Rs6 to Rs25.20.
AKD Capital came in for fresh selling and fell by Rs20 followed by Shell Gas, off by Rs13. Other prominent losers were led by MCB Bank, Gatron Industries, Pakistan Resource Co, Pakistan Refinery, BOC Pakistan and Habib Bank, off by Rs4 to Rs5.30.
Trading volume fell to 218m shares from the previous 312m shares as losers held a modest lead over the gainers at 154 to 132, with 45 shares holding on to the last levels.
PTCL topped the list of actives, higher by 75 paisa at Rs45.75 on 19m shares followed by D.G. Khan Cement, firm by 90 paisa at Rs111.15 on 18m shares, Bank of Punjab, off Rs3.20 at Rs86.50 on 15m shares, Lucky Cement, lower by 40 paisa at Rs138.45 also on 15m shares, Engro Chemical, higher by Rs8.30 at Rs334.15 on 9m shares OGDC, up 25 paisa at Rs134.20 on 8m shares.
Other actives were led by Pakistan Cement, up 65 paisa at Rs11.75 on 12m shares, followed by Arif Habib Securities, off Rs2.95 at Rs172.95 on 8m shares, NIB Bank, up 20 paisa at Rs19.65 on 7m shares and Maple Leaf Cement, steady by 45 paisa at Rs19.40 on 6m shares.
FORWARD COUNTER: Bank of Punjab March settlement led the list of actives, off by Rs4.50 at Rs85.56 on 7m shares, while its February contracts fell by Rs2.99 at Rs.69.90 on 11m shares, followed by MCB Bank, off Rs3.60 at Rs397 on 6m shares.
National Bank was marked down by Rs1.75 at Rs231.75 on 6m shares and Bank AlFalah, up by 25 paisa at Rs51.60 also on 6m shares.
DEFAULTER COS: Owing to weekend considerations the activity on this counter was relatively slow as investors stayed on the sidelines.
Zeal Pak Cement came in for stray selling and eased by five paisa at Rs4.05 on 0.642m shares followed by Norrie Textiles, lower also by five paisa at Rs1.75 on 0.155m shares and Invest Capital Bank, lower 15 paisa at Rs6.30 on 0.117m shares.
