Market watch: Bourse falls in dull session amid dismal volumes

Benchmark KSE-100 index down 15 points.


Express June 14, 2011

KARACHI:


The bourse stayed mostly in neutral territory on Tuesday in a dull session as investors remained on the sidelines in the absence of any trigger.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.12 per cent or 15.4 points to end at 12,337.9 point level.

Mixed activity was witnessed in energy and fertiliser stocks with no catalyst for the broader market which kept leading investors sidelined, said Elixir Securities equity dealer Sibtain Mustafa.

Pakistan Oilfields witnessed better volumes among oil stocks gaining 0.6 per cent followed by Pakistan Petroleum and Oil and Gas Development Company both gaining 0.3 per cent.

Engro gained after the stock had slipped by more than seven per cent in two days on news of gas shortage to their new plant. Trade volumes fell to dismal level of 54 million shares compared with Monday’s tally of 63 million shares.

Corporate sector results are due to start in a month’s time which may bring some activity to the current trigger-less market, added Mustafa.

Shares of 332 companies were traded on Tuesday. At the end of the day 115 stocks closed higher, 141 declined while 76 remained unchanged. The value of shares traded during the day was Rs1.4 billion.

Second tier stocks dominated proceedings with Fauji Cement-Right leading volumes for the second day in a row with almost 8.3 million shares losing Rs0.01 to close at Rs0.03. It was followed by Dewan Salman with 7.2 million shares gaining Rs0.12 to close at Rs3.11 and Hum Network with 2.81 million shares firming Rs0.83 to close at Rs13.97.

Published in The Express Tribune, June 15th, 2011.

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