Market watch: Stock market takes a breather

KSE’s benchmark 100-share index crawls up 11 points.

KARACHI: After gaining more than 150 points in two days, the market witnessed profit-taking to close in the same range on Wednesday.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled up 0.09 per cent or 10.62 points to end at 11,329.77 point level.

Investors preferred to play safe as profit taking was witnessed at different levels due to the uncertain political scenario, said JS Global Capital analyst Mujtaba Barakzai.

National Bank of Pakistan (NBP) ended at its upper limit for the third consecutive day, recouping some of its recent losses. The stock declined 37% in value since late August after it announced below expected earnings on rising non-performing loans.

Trade volumes fell slightly to 86 million shares compared with Tuesday’s tally of 87 million shares. Gas supply resumption got Engro’s stock moving upwards from the recent low levels. The Corporation’s stock price rose Rs0.31 to close at Rs132.4.

Foreign institutional investors were net sellers of Rs38 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Cement sector was in the limelight as investors took fresh position in Lucky Cement while some interest was also seen in DG Khan Cement on lower level after unexpected earnings.

Stocks of Attock group companies also boosted investor’s sentiments in anticipation of improved earnings in the upcoming results.

Shares of 330 companies were traded on Wednesday. At the end of the day 139 stocks closed higher, 101 declined while 90 remained unchanged. The value of shares traded during the day was Rs4.02 billion. Lotte Pakistan PTA was the volume leader with 8.36 million shares gaining Rs0.32 to finish at Rs12.04. It was followed by National Bank of Pakistan with 6.65million shares firming Rs2.03 to close at Rs42.72 and Fatima Fertiliser with 6.3 shares losing Rs0.06 to close at Rs17.1.

Published in The Express Tribune, September 8^th,  2011.