KARACHI:
For a second day running, equities struggled along the neutral line as investors opted to play it safe.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled up 0.05 per cent or 5.2 points to end at 11,302.22 point level on Thursday.
The broader market traded in a narrow range as investors avoided fresh positions after statement by US Defence Secretary about using US Army against Haqqani Network if Pakistan’s government fails to address its concerns, said Elixir Securities equity dealer Sibtain Mustafa.
Pakistan Petroleum rose 0.4% to close at Rs208.27 following news that the oil and gas explorer wants to acquire working interests in prospective blocks in Iran.
Trade volumes fell 29% to the paltry level of 54.1 million shares compared with Wednesday’s tally of 75.7 million shares.
Foreign institutional investors were net sellers of Rs223 million, according to data maintained by the National Clearing Company of Pakistan Limited.
“Overall sentiments remain mixed as local and global economic woes, floods in Sindh and politics are keeping investments at minimal,” said Mustafa.
Volatility and subdued activity is expected as local flows remain sensitive to regional market moves, added Mustafa.
Shares of 336 companies were traded on Thursday. At the end of the day 141 stocks closed higher, 112 declined while 83 remained unchanged. The value of shares traded during the day was Rs2.73 billion.
Fauji Fertilizer Bin Qasim was the volume leader with 8.14 million shares gaining Rs1.08 to finish at Rs52.75. It was followed by Arif Habib Corporation with 5.95 million shares firming Rs0.9 to close at Rs27.68 and Lotte Pakistan PTA with 3.5 million shares rising Rs0.02 to close at Rs12.8.
Published in The Express Tribune, September 16th, 2011.
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