KARACHI: The stock market recorded profit-taking again on Tuesday as the index lost 66 points after Securities and Exchange Commission of Pakistan (SECP) chairman’s visit failed to stimulate investor interest.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.53 per cent or 66.42 points lower at 12,360.94.
The SECP chairman during his visit to the KSE on Monday said that the margin trading system will be launched by the end of February, according to news reports.
Going forward, result announcements by banks and Pakistan State Oil may boost investor sentiments, said Topline Securities equity dealer Samar Iqbal.
Pakistan State Oil will announce quarterly earnings today (Wednesday) while MCB Bank is scheduled to release its results tomorrow (Thursday).
Volumes fell to a paltry 94 million shares compared with Monday’s tally of 109 million shares. Second tier stocks dominated trade.
Fertiliser stocks witnessed some buying interest with Fauji Fertiliser Company and Fauji Fertiliser Bin Qasim Limited closing up marginally with comparatively better volumes.
Shares of 402 companies were traded on Tuesday. At the end of the day, 148 stocks closed higher, 22 declined and 26 remained unchanged. The value of shares traded during the day was Rs2.96 billion.
Lotte Pakistan was the volume leader with 16.8 million shares, losing Rs0.15 to finish at Rs16.49. It was followed by Sui Southern Gas Company with 11.46 million shares, gaining Rs1.29 to close at Rs27.2 and Nimir Industries Chemical with 9.27 million shares, losing Rs0.41 to close at Rs2.7.
Published in The Express Tribune, February 9th, 2011.
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