Market watch: Bourse follows global market trend

KSE’s benchmark 100-share index drops 162 points.

KARACHI:

The Karachi stock market followed the global bearish trend on Thursday after the Federal Reserve said the economic outlook remains grim.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.36 per cent or 161.75 points to end at 11,690.23 point level.

Heavyweights led by the oil sector lost considerable grounds with Oil and Gas Development Company and Pakistan Petroleum Limited contributing more than 50% to the index decline, said Elixir Securities equity dealer Sibtain Mustafa.

With the exception of National Bank of Pakistan and Fauji Fertilizer Bin Qasim Limited, which continue to avert the negative fallouts on rumours of foreign buying, all major blue chips ended in the red, added Mustafa.

Trade volumes fell to 83 million shares compared with Wednesday’s tally of 117 million shares.

Local institutions were seen as sellers with jobbers further adding offers after the rupee hit an all-time low against the dollar in the open market, further said Mustafa

Foreign institutional investors were net sellers of Rs22 million worth of shares during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 337 companies were traded on Thursday. At the end of the day 82 stocks closed higher, 169 declined while 86 remained unchanged. The value of shares traded during the day was Rs3.3 billion.

Jahangir Siddiqui was the volume leader with 15.06 million shares gaining Rs0.52 to finish at Rs6.24. It was followed by National Bank of Pakistan with 5.97 million shares firming Rs0.28 to close at Rs47.45 and Azgard Nine with 5.61 million shares increasing Rs0.12 to close at Rs5.14.





Published in The Express Tribune, September 23^rd, 2011.