KARACHI: Another dull day was witnessed at the stock market on Thursday as investors awaited the Supreme Court’s verdict in the Panama Papers case.
The benchmark KSE 100-share Index, despite hitting a high of 46,025 points, failed to sustain the momentum and closed the day in the red zone at 45,905.76 points.
The index remained directionless throughout the day. In the morning session, it lost 149 points, but by mid-day, it was up by 110 points. In the end, it stood just 2.63 points, or 0.01%, below the previous day’s close.
Elixir Securities, in its report, stated Pakistan equities closed little changed after another session of lacklustre and range-bound trading.
A general lack of interest was evident as turnover posted a gloomy figure with just under $40 million worth of shares changing hands on the KSE-100 index, down 26% compared to the previous day.
“The market started on a weaker note and afterwards witnessed range-bound trading with the benchmark index hopping in green and red multiple times till the end of the session,” stated the report.
United Bank (UBL, -0.6%) closed marginally lower after the bank announced earnings in line with consensus.
Mari Petroleum (Mari, +1%) hit its upper price limit intra-day on announcement of stellar results before succumbing to profit-taking. In another notice, the company announced acquisition of working interests in various development and exploratory blocks.
“We see lacklustre trading with investors mainly tracking flows while domestic politics will continue to remain a drag until the court announces Panama verdict,” the report added.
JS Global analyst Maaz Mulla said the Pakistan Stock Exchange recorded another lacklustre session, hitting an intra-day high of +117 points and a low of -150 points.
UBL (-0.6%) announced its 1H2017 financial results, declaring earnings of Rs10.81 per share and cash dividend of Rs3 per share.
Mari (+1%) on the other hand gained points as it declared better-than-expected annual earnings of Rs82.87 per share and annual dividend of Rs2.22 per share.
Indus Motor (+2%) from the auto sector gained to close in the green zone as it announced price increase in the range of Rs105,000 to Rs160,000 for various vehicle models.
“The market is expected to remain under pressure (on Friday) due to the last day of the rollover week,” said Mulla.
Also, the delay in court’s decision curbed volumes in the market as investors remained vigilant about the impact of the decision.
“We recommend investors to stay cautious and await clarity on the political front,” he added.
Overall, trading volumes fell to 158 million shares compared with Wednesday’s tally of 175 million.
Shares of 365 companies were traded. At the end of the day, 127 stocks closed higher, 219 declined while 19 remained unchanged. The value of shares traded during the day was Rs6.3 billion.
The Bank of Punjab was the volume leader with 26.9 million shares, losing Rs0.21 to close at Rs11.14. It was followed by Azgard Nine with 17.9 million shares, losing Rs0.63 to close at Rs13.73 and Sui Southern Gas Company with 8.7 million shares, losing Rs0.86 to close at Rs42.77.
Foreign institutional investors were net buyers of Rs264 million during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
The post Market watch: KSE-100 closes slightly in the red in another dull session appeared first on The Express Tribune.