Market watch: Bourse falls as investors book profits

KSE’s benchmark 100-share index drops 106 points.

KARACHI:

Investors opted to book profits as prices stood at elevated levels on Tuesday as the stock market gained 600 points in the last two trading session.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.89 per cent or 106.16 points to end at the 11,762.72 point level.

Fertiliser stocks led the selling amid contrasting performance as Fauji Fertilizer and Fauji Fertilizer Bin Qasim Limited underwent massive pruning to close down 2.2% & 3.2%, respectively. Meanwhile, Engro closed at its upper limit after it raised urea prices by Rs400 per 50 bag on Monday to mitigate production losses.

Trade volumes fell to 84 million shares compared with Monday’s tally of 101 million shares.

Among exploration and production companies, Pakistan Oilfields was the worst hit as it dipped 1.2%. MCB Bank closed down 3.6% over reports selling by foreign funds.

Foreign institutional investors were buyers of Rs305 million and sellers of Rs129 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Pakistan State Oil remained firm throughout the day on expectations that the government will announce measures for the resolution of the circular debt. Shares of 343 companies were traded on Tuesday. At the end of the day 70 stocks closed higher, 163 declined while 110 remained unchanged. The value of shares traded during the day was Rs4.89 billion.

Fatima Fertilizer was the volume leader with 15 million shares declining Rs1.23 to finish at Rs25.29. It was followed by Fauji Fertilizer Company with 8.4 million shares losing Rs4.16 to close at Rs189.25 and Fauji Fertilizer Bin Qasim with 6.23 million shares falling Rs1.98 to close at Rs60.49.

Published in The Express Tribune, November 2^nd, 2011.