Market watch: Bourse falls as investors sell across-the-board

KSE’s benchmark 100-share index drops 104 points.

KARACHI:

The stock market dropped on Thursday as investors opted to sell across-the-board.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.91 per cent or 103.73 points to end at 11,283.49 point level.

Index blue chips Pakistan Petroleum fell 2.4% and MCB Bank dropped 4.8% to close near its lower limit, which dragged the benchmark KSE-100 down, said Elixir Securities equity dealer Faisal Bilwani.

Selective buying in Fauji Fertiliser took rose 1.4% and textile-giant Nishat Mills up 1.8% just before the close of trading session brought some excitement to a very monotonous trading session, added Bilwani.

Trade volumes fell to 69.8 million shares compared with Wednesday’s tally of 80.9 million shares.

Earnings announcement by exploration giant Oil & Gas Development Company brought short-lived interest on higher earnings. The scrip fell 0.5% to close at Rs132.7.

Pakistan State Oil fell 3.7% as investors give up hopes of resolution of the energy sector circular debt, said Bilwani.

Shares of 330 companies were traded on Thursday. At the end of the day 73 stocks closed higher, 174 declined while 83 remained unchanged. The value of shares traded during the day was Rs3.1 billion.

Fatima Fertilizer Company was the volume leader with 9.17 million shares gaining Rs0.08 to finish at Rs24.33. It was followed by Fauji Fertilizer Bin Qasim with 6.6 million shares declining Rs1.49 to close at Rs57.77 and First National Equities with 6.37 million shares falling Rs0.75 to close at Rs1.75.

Foreign institutional investors were net sellers of Rs211 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, October 28^th, 2011.