RECORDER REPORT
KARACHI: Karachi equities further consolidated Friday to gain 12 more points as institutional investors booked profit in certain blue-chip cement and fertilizer stocks.
The KSE-100 index ended at 35,741.52 points compared to 35,730.01 of last trading session. The trading turnover remained thin and dropped to 299 million shares from Thursday’s 428 million. The value of stocks traded also depleted to Rs 10.77 billion as compared to the previous Rs 14.46 billion.
On the last trading day of the week, total 359 issues were traded of which 161 posted gains, 175 lost their worth while 23 stayed unchanged.
The market capitalisation accumulated upward to Rs 7.70 trillion. While foreign investment showed a positive trend with offshore investors buying net portfolios worth $ 553,819.
Silk Bank kept leading the day’s volume with 50 million trading turnover. The banking stock, however, shed four paisa in value at the day’s end.
Other well performing stocks were Ghani Automobile 27 million, TRG Pakistan 21.7 million, K-Electric 16.5 million, Jahangir Siddiqui Company 15 million, SSGC 14.4 million, Byco Petroleum 8.28 million, Pak Elektron 8.22 million, NIB Bank 6.25 million and SBGPL 6.13 million shares.
Marking the roll-over week, futures trade ended higher at 83.53 million contracts from 61.3 million of the previous day.
“Stocks closed flat amid institutional profit-taking in blue-chip cement and fertilizer scrips after dismal cement dispatch data for Jul’15 and below expected earning announcements in the fertilizer sector,” said Ahsan Mehanti of Arif Habib Corp.
Oil scrips remained weak after WTI crude prices fell below $48 a barrel, he added.
The analyst cited hopes for release of the IMF tranche under Extended Fund Facility later next month and easing political concerns as day’s catalyst.
Mohammad Rizwan Vice President Topline Securities observed consolidation in local bourse. “Investors (are) keenly eyeing on corporate results,” he said. Buying interest was witnessed in refineries on the back of better than expected results with ATRL and NRL hitting their upper circuit, he said. Renewed interest was seen in gas distribution companies, as SNGP and SSGC in the expectations of result. Some profit-taking was seen as EFOODs announced half year result which is in line with market expectations.
