Market watch : Stocks fall as market gets crowded

KSE’s benchmark 100-share index drops 38 points.


Express October 11, 2011

KARACHI: The stock market fell slightly in a very active session as volumes increased to 141 million shares on local institutional and foreign activity.

“Some profit taking was seen in local equity market after 2% gain in the previous trading session,” said Topline Securities equity dealer Samar Iqbal.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.31 per cent or 37.5 points to end at 12,054.82 point level.

Unconfirmed news of foreign selling in selected stocks also put some pressure on equity values, added Iqbal.

Foreign institutional investors were net sellers of Rs46 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Fertiliser stocks remained in the limelight once again due to recent increase in urea prices. News of increase in urea prices by Fauji Fertilizer on Tuesday pushed the stock price up 1.1% to close at Rs180.34.

Trade volumes fell but stayed upbeat at 141.7 million shares compared with Tuesday’s tally of 183 million shares. Volumes are more than double last week’s average volume of 75 million shares.

Hub Power Company (Hubco) topped the volumes chart on talk of a large block with foreign seller and local buyer going through, said Elixir Securities equity dealer Faisal Bilwani.

Hubco was the volume leader with 22.47 million shares declining Rs0.9 to finish at Rs41.67. It was followed by Fatima Fertilizer with 11.95 million shares gaining Rs0.9 to close at Rs21.26 and Pakistan Telecommunication Company Limited with 9.36 million shares increasing Rs0.13 to close at Rs12.59.

Shares of 378 companies were traded on Wednesday. At the end of the day 104 stocks closed higher, 182 declined while 92 remained unchanged. The value of shares traded during the day was Rs6.39 billion.

Published in The Express Tribune, October 12th, 2011.

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