Market watch: Bourse ends flat on mixed triggers

KSE’s benchmark 100-share index falls 13 points.

KARACHI: The stock market ended range-bound on the first trading session of the week as investors seemed to be cautious on the back of mixed triggers.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.1 per cent or 12.54 points to end at 11,975.55 points on Monday.

Interest was seen in fertiliser stocks on news that fertiliser plants on Sui Northern Gas Pipelines Limited (SNGPL) network will have their gas supply cutoff for an indefinite period, said Elixir Securities equity dealer Faisal Bilwani.

Engro fell 4.6%, ending the day near its lower limit as its new Enven plant is on SNGPL network. On the other hand, Fatima Fertiliser closed at its upper circuit breaker and Fauji Fertiliser Company gained 3.4% as they are on Mari network. Trade volumes fell to a paltry 79.5 million shares compared with Friday’s tally of 92.2 million shares.

Attock Refinery closed at its upper limit as it announced higher than expected first quarter result. The stock price rose 5% to close at Rs77.65.

National Refinery ended the day up 3% at Rs366.35 due to expectations of better first quarter result. Foreign institutional investors were buyers of Rs133 million and sellers of Rs106 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.

Pakistan Petroleum remained under pressure on rumours that the upcoming secondary public offering of its 2.5% outstanding shares will likely go through at a discount, added Bilwani.

Fatima Fertiliser was the volume leader with 7.59 million shares, gaining Rs1.13 to finish at Rs23.89. It was followed by DG Khan Cement with 5.71 million shares, firming Rs0.17 to close at Rs22.67 and Fauji Fertiliser Bin Qasim with 5.69 million shares, losing Rs0.13 to close at Rs63.47.

Published in The Express Tribune, October 18^th, 2011.