KARACHI: The stock market closed flat on Tuesday as political uncertainty forced big players to the sidelines.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.12 per cent or 14.47 points to end at 11,994.01 points.
Leading institutions are worried over developing political scenario following resignation of former foreign minister and Pakistan Peoples Party stalwart Shah Mehmood Qureshi from the party, said analysts.
Trade volumes rose but still stood at a dismal 49 million shares compared with Monday’s tally of 40 million shares. Renewed buying interest in the fertiliser sector helped the index recover early losses in the trading session.
Despite apprehensions on the political front, Engro showed a strong performance by gaining 4% amid talk that its gas supplies were being transferred to Sui Southern Gas Company network to ensure smooth supply to its new plant, said JS Global Capital analyst Jawad Khan.
Fauji Fertilizer Bin Qasim Limited also remained in the limelight by gaining 1.8% over rumours of increase in prices of di-ammonium phosphate (DAP), a type of fertiliser, added Khan.
On the contrary, oil stocks experienced some selling as Pakistan Petroleum and Pakistan Oilfields shed 1.4% and 0.5%, respectively.
Foreign institutional investors were net sellers of Rs95 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.
Shares of 341 companies were traded during the session. At the end of the day, 151 stocks closed higher, 166 declined and 24 remained unchanged. The value of shares traded was Rs48 billion. Picic Growth Fund was the volume leader with 6.87 million shares, gaining Rs0.03 to finish at Rs12.38. It was followed by Fatima Fertilizer with 6.4 million shares, firming Rs0.3 to close at Rs24.3 and Engro Corporation with 5 million shares, increasing Rs4.35 to close at Rs134.07.
Published in The Express Tribune, November 16th, 2011.
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