Stocks & Bonds

Stock market rangebound.

KARACHI (June 25, 2009): Karachi Stock Exchange witnessed a rangebound session with the benchmark KSE-100 index oscillating between 7,023.48 points intra-day high and 6,988.71 points intra-day low on Wednesday due to uncertainty over the imposition of new tax and absence of any leverage product, analysts said. Finally, the index managed to close in positive zone at 7,025.89 level, with a meagre gain of 2.41 points.

LSE index marginally up by 3.80 points.

LAHORE (June 25, 2009): Depressed sentiment dominated on the Lahore Stock Exchange on Wednesday and the equities registered declines amid low trading activity on account of lack of buying interest while most investors stayed on the sidelines. The LSE-24 index was up marginally by 3.80 points, closing at 2082.94 against 2079.14 of Tuesday. The volume reduced to 6.582 million as compared to 8.219 million shares.

Bulls command proceedings on ISE.

ISLAMABAD (June 25, 2009): Bulls commanded the proceedings at the Islamabad Stock Exchange (ISE) where bears remained in the front seat amid increase in the index. ISE Ten Index was down by 7.87 points, as it moved from 1,662.26 to 1,670.13 points. The volume of trade amounted to 731,564 shares, as compared to previous turnover of 756,205 shares.

BRIndex30 down 19.47 points.

KARACHI (June 25, 2009): On Wednesday, the BRIndex30 opened at 6,473.03, and closed at 6,444.37 with a net negative change of -19.47 points and percentage change of -0.30. It experienced intra-day high of 6,512.55 and low of 6,423.99. The volume amounted to 44,317,300 shares, which was 42.95 percent of total market and 86.20 percent of KSE-100 index.

Head of Research Ismail Iqbal Securities

Market looks range-bound in the short-term as investors' interest is not developing. However, outlook of the market is bullish in the long-term because 10-year PIB is 11.75 per cent currently and according to it market justified levels is 8,600 points. The market is coming down with low volumes, therefore, if it goes down further than market will be attractive. Investors should start gradual accumulation across the board especially in cement, fertiliser, major banks and side stocks of good manufacturing companies.

Research Analyst NAMCO

Market would show dull activities in the coming days moving in a range because of uncertainty regarding federal excise duty (FED). Therefore, until a positive outcome arrives on the issue, investors' confidence may not restore. But if any positive news comes regarding the FED then index can show a closing of 7,500 points by end June. Investors are advised to invest in high value dividend yield and blue chip stocks. Solution of tax related issues would support the market. Market would be dull today (Thursday).

Market remains dull as investors stay away

Karachi Stock Exchange (KSE) saw a dull session on Wednesday as its main index ended flat, mainly because investors preferred to stay away from the market due to uncertainty regarding the results of general body meeting and delay in launch of new leverage product.
The benchmark KSE 100-index was up only by 2 points to close at 7,025 points.
"Mixed activity was witnessed at the market as investors were waiting the outcome of stock members meeting on FED collection on broker commissions," said a market expert while talking to The Financial Daily.
He added that support from state-run funds, strong investor interest in cement scrips, and merger news of Mybank/Askari Bank supported the oversold market throughout the trading session.
Trading stated with a minor gain of 1 point. Thereafter, the market witnessed range-bound activity throughout the day with low participation by investors.
Index moved in a narrow range, giving a number of visits to both red and green zones where during early moments of the session it touched an intraday high of 7,048 points (+ve 24 points) while 6,988 points (-ve 34 points) was its lowest level of the day which it touched around the mid-day.
Santosh Kumar, a research analyst at Darson Securities, said market participants are waiting patiently for an encouraging decision regarding the new tax mechanism on the local bourses and introduction of a new leverage product before taking any major positions in the market.
KSE 30-index lost 16 points to close at 7,450 points and KSE all share index increased by 2 points to close at 5,035 points.
Volumes saw a little improvement as 103 million shares traded during the day which is 17 million shares more as compared to a turnover of 86 million shares a day earlier. Out of total 297 active issues, 156 declined and 119 advanced while 22 issues remained unchanged.