KARACHI: For a third day in a row, the stock market closed flat on Wednesday as lack of triggers pushed aside any major participation.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled down 0.01 per cent or 1.24 points to end at 11,992.77 points.
Oil and Gas Development Company and Pakistan Petroleum Limited remained by far the best performers rising by 0.6% and 1.3% over news of hydrocarbon discoveries and pushed the index higher in intraday trade, said Elixir Securities equity dealer Sibtain Mustafa.
Profit-taking was witnessed in the fertiliser sector despite positive news about gas availability to fertiliser plants.
Engro dropped one per cent as investors anticipated the government move to supply gas in a bid to lower urea prices was aimed at winning rural vote bank in upcoming election year, added Mustafa.
Fauji Fertilizer Company and Fatima Fertilizer closed down 2.1% and 2%, respectively.
Overall, volumes mirrored previous day’s trend as stock-specific activity remained a key theme, said Mustafa. Trade volumes remained unchanged at a dismal 49 million shares.
Shares of 336 companies were traded on Wednesday. At the end of the day, 90 stocks closed higher, 134 declined and 112 remained unchanged. The value of shares traded during the day was Rs3.13 billion.
Fatima Fertilizer was the volume leader with 6.54 million shares, losing Rs0.49 to finish at Rs23.86. It was followed by DG Khan Cement with 3.77 million shares, gaining Rs0.18 to close at Rs21.18 and Engro Corporation with 3.56 million shares, declining Rs1.39 to close at Rs133.11. Foreign institutional investors were net sellers of Rs159 million worth of shares, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 17th, 2011.
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