Selling pressure in oil stocks keep benchmark moderate

Pakistan shares meagrely advanced on Tuesday, extending moderate trend of the previous session as the stressed oil stocks trimmed earlier gains in the ending hours.

The Karachi Stock Exchange (KSE)-100 index gained 55.78 points to close at 32,882.02 points as compared to 32,826.24 of the previous session. The KSE-30 Index shed 40.04 points and closed at 19,733.14 points against 19,773.18 points of the last closing. “Pakistan equities closed Tuesday little changed as the benchmark KSE-100 index tested the 33,100 level in the morning. The stocks opened positive, continuing with previous day’s momentum, while reported institutional flows in the index names supported the upward drive,” said Elixir Securities’ analyst Faisal Bilwani. Despite excitement in cements, other sectors failed to sustain their gains and the market plummeted to close marginally above the Monday’s level as investors resorted to profit booking, he added.

“We expect market to trade range bound and consolidate the current levels,” said Bilwani.

The Global Securities’ analyst said the KSE-100 index remained positive throughout the day with a turnover of 137 million shares. Selling pressure was witnessed in oil stocks during the last couple of hours, dragging the market down to close.

Individuals booked profits throughout the day, whereas the institutions remained cautious with little interest on the buying side, he added.

“We believe the trading to remain volatile, while the KSE100 will likely retest and sustain 33,000 levels with improvement in volumes,” said the analyst. The market volume increased to 137.060 million shares traded as compared to 105.414 million shares traded in the previous session. Trading value at the local bourse rose to Rs 6.829 billion against Rs 4.847 billion of the previous session. Out of 357 scrips, 209 scrips advanced, 120 scrips declined while the value of 28 scrips remained unchanged.

The KMI-30 index advanced by 267.32 points to close at 54,883.98 points as compared to 54,616.66 points of the previous session. The KSE all-share index went 34.24 points up to close at 22,984.52 points as compared to 22,950.28 points of the previous session. Byco Petroleum was the volume leader in the market with 14.720 million shares as it closed at Rs 25.34, followed by Dewan Cement with trading of 8.683 million shares and closed at Rs 16.83. TRG Pak Limited traded 7.590 million shares and closed at Rs 31.68.

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