Karachi stocks end flat amid futures rollover

Karachi stocks on Tuesday ended flat with thin volume as investors stayed on the sidelines in the short rollover week, dealers said.

The KSE 100-share Index shed 17.88 points, or 0.05 percent, to close at 32,641.09 points. KSE 30-share Index fell 20.90 points, or 0.11 percent, to end at 19,171.26 points.

As many as 325 scrips were active; of which 130 advanced, 170 declined and 25 remained unchanged.

The ready market volumes stood at 78.561 million shares as compared to 90.926 million shares in the last trading session.

Dealers said investors were concerned over the fall in textile exports and gas supply issue with the fertiliser sector.

Moving forward, analysts see market to trade volatile with benchmark index trading in a narrow band and with volumes shrinking as market participants have come into holiday mood. Today is the last day of this week’s trading as national holidays are falling on 24th and 25th December. 

Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed lower amid thin activity on prevailing uncertainty in global equities.

“Index traded in a narrow range as investor feared capital outflows from emerging markets,” Mehanti said.

An analyst at Elixir Securities said equities closed little changed in a volatile session and the benchmark KSE-100 index traded in a range of 220 points amid thin participation.

“Stocks opened positive, led by gains in index heavy oils on slight recovery in international crude,” the analyst said. “Habib Bank was down 0.46 percent; the bank losing nearly 10 percent in the last two trading sessions landed support to benchmark index in early trade.”

Positive contribution came from Engro Corp.  Engro was up 1.43 percent on expected continuation of concessionary gas supply to its subsidiary Engro Fertilizer, which surged 1.66 percent.

Activity in the wider market, however, remained on the lower side, and as the day progressed the market succumbed to selling pressure with all its intra-day gain to have disappeared by day’s close.

Netsol Technologies signed a $100 million contract to implement its software solution across 12 markets in Asia and Africa. The company’s stock value hit upper price limit.   Companies, reflecting highest gains, included Nestle Pakistan up Rs100 to close at Rs7,350/share while Murree Brewery increased Rs28.95 to end at Rs998.95/share.

Companies, with major losses, included Ferozsons Laboratory down Rs28.63 to finish at Rs1,027.12/share while Island Textile decreased Rs28.01 to close at Rs959.47/share.

Highest volumes were witnessed in TRG Pakistan with a turnover of 4.883 million shares. The scrip shed 10 paisas to close at Rs33.89/share. It was followed by Pak Elektron with a turnover of 3.682 million shares.

The stock value inched up seven paisas to end at Rs66.93. Fauji Fertilizer was the third with a turnover of 3.432 million shares. It shed Rs1.27 to finish at Rs111.19/share.