The Karachi Stock Exchange (KSE) benchmark 100-index lost 31.24 points or 0.09 percent to reach 33895.46 points and volume of 96,957,610 shares on Tuesday.
The benchmark KSE-100 Index till mid-day trade on Tuesday soared to 33949.37 points by 22.67 points or 0.07 percent as compared to the bearish activities witnessed in the market on Monday when the index had shed 66.30 points and closed at 33926.70 points.
However, the bearish activity
Had witnessed amid thin trade after fall in WTI crude oil prices near to $48/barrel. KSE Index traded in narrow range led by second and third tier stocks in cement.An expert was of the view that uncertainty in global commodities and consolidation post earning announcements played a catalyst role in bearish activity at KSE despite strong results in banking and cement sectors and likely ease in SBP monetary policy stance next month.
The High and Low were 34024.05 and 33870.01 respectively with the total volume traded in the market of 96,957,610.
KSE- 100 Close: 33895.46
KSE-100 Gain/Loss: -31.24(-0.09%)
All-Share Turnover: 166.9 m (5-day Avg: 212.0m)
The market witnessed
Another lackluster trading day with the KSE 100 Index down by 31.24 pts. to close at 33,895.46 level. The volume traded in the session today at 166.9mn was the second lowest in the current year. MCB (+1.84%), ENGRO (+1.02%), HUBC (+0.86%) helped the market to stay positive which was eventually dragged down by index heavyweights such as PSO (-1.52%), PPL (-0.69%), OGDC (-0.42%) and POL (-1.07%).
However, FFBL (+3.78%) and FFC (+0.36%) closed in the green as the implementation of hike in gas tariff was delayed by the government. Moreover, today’s major result announcement included above expected result of NCPL (-0.86%) which posted 2QCY15 EPS of PKR 2.496 with a DPS of PKR 2.00. Also, NCL (+0.05%) posted 2QCY15 EPS of PKR 2.82 and NML’s (-1.25%) EPS was recorded at PKR 4.38 for its 2QCY15. Despite the results announcements and a 10% YoY increase in textile exports for Jan, both NCL and NML fell prey to low investor interest witnessed in the overall market. CYAN hit its upper lock as it paid a significantly high DPS of PKR 42.5 with an EPS of PKR 15.33 for its CY14.
Unless the market sustains 34k level,We do not expect the sentiment to turn bullish. We are anticipating excitement related to inflation numbers by the end of the week which we expect to record below 4%.
* PIB Auction (Feb 25)
*Fertilizer Off-take Data (expected Feb 25)