Market Watch: Stock market plummets 100 points

Trade volumes remain at dismal levels.


Express July 12, 2011

KARACHI:


The stock market continued its downward trend on Tuesday to close at a three-week low amid dismal volumes.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index dropped 0.81 per cent or 100.12 points to end at 12,191.78 point level.

“Fall in regional markets and city’s law and order situation kept sentiment depressed,” said Topline Securities equity dealer Samar Iqbal

Trade volumes stood at dismal level of 32 million shares, less than half of the average shares of 69 million traded in the same month last year.

Nestle contributed 30 points while heavyweight Oil and Gas Development Company contributed 35 points to the 100-point drop in the benchmark index, added Iqbal.

News of oil import bill for June swelling due to record 850,000 tons import of oil for power generation kept the oil sector under pressure.

Foreign institutional investors (FII) were net sellers of Rs33 million, according to data maintained by the National Clearing Company of Pakistan Limited. FII’s were rumoured buyers in the banking sector while locals were seen active in the fertiliser and oil sector

Shares of 390 companies were traded on Tuesday. At the end of the day 86 stocks closed higher, 149 declined while 155 remained unchanged. The value of shares traded during the day was Rs1.3 billion.

Fauji Fertiliser Bin Qasim was the volume leader with 2.7 million shares gaining Rs0.38 to finish at Rs44.49. The fertiliser company was the volume leader on anticipation of strong result announcement by the board of directors on July 26.

It was followed by Jahangir Siddiqui and Company with 1.8 million shares gaining Re0.01 to close at Rs7.3 and Fatima Fertiliser Company with 1.55 million shares declining Rs0.27 to close at Rs15.38.

Published in The Express Tribune, July 13th, 2011.


COMMENTS (1)

Metwatch | 12 years ago | Reply

I have already sold off all my stocks as the news is its going to go down atleast 20 % more.

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