Pakistani stocks ended lower in thin volume amid a raging controversy over a mysterious memo in which the country’s civilian government allegedly sought US help to prevent what was described as an imminent coup, dealers said.
Pakistan’s ambassador to the United States Husain Haqqani is at the centre of a domestic political row over the memo sent in May to Admiral Mike Mullen, then chairman of the US Joint Chiefs of Staff. Haqqani was being grilled on Tuesday in Islamabad by the country’s top civilian and military leadership.
A Pakistani-American businessman, Mansoor Ijaz, who sent the memo, said Haqqani had asked him for help in delivering the message purportedly from President Asif Ali Zardari.
“Uncertainty on the political front due to ongoing memo issue kept the local market under pressure and the KSE-index closed at its lowest level in the previous 10 sessions,” said Samar Iqbal, a dealer at Topline Securities Ltd.
“There is definitely a concern about the overall political situation, which is why most investors either booked profits or chose to stay on the sidelines,” said Shuja Rizvi, a dealer at Al-Hoqani Securities.
Shares of 320 companies were traded on Tuesday. At the end of the day, 73 stocks closed higher, 150 declined while 97 remained unchanged. The value of shares traded during the day was also down at Rs3.06 billion compared to Rs3.09 billion a day earlier.
Fauji Fertiliser Bin Qasim was the volume leader with 2.4 million shares, losing Rs1.58 to finish at Rs58.04. It was followed by Bank Al-Falah with 2.37 million shares, losing Rs0.14 to close at Rs11.90 and Fatima Fertilisers with 2.33 million shares, losing Rs0.23 to close at Rs22.78.
Unilever Pakistan Limited broke it’s negative streak and was the major gainer of the day as its share prices increased by Rs37.30 to close at Rs5399.70, followed by Linde Pakistan Ltd which gained Rs2.68 to close at Rs103.07. Bata (Pak) Ltd was the major loser of the day and lost Rs37.38 to close at Rs710.34 followed by Nestle Pakistan which declined by Rs23.65 to end at Rs2955.74.
Published in The Express Tribune, November 23rd, 2011.
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