The stock market failed to carry its preceding day positive momentum on Wednesday due to reports of foreign selling in blue chips.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.35 per cent or 40.07 points to end at the 11,361.97 point level.
Foreign institutional investors were net sellers of Rs186 million worth of shares, according to data released by the National Clearing Company of Pakistan Limited after the trading session.
With few buyers in the market, mainly local banks, equities struggled to find a clear direction amid lack of interest and triggers, said Elixir Securities equity dealer Faisal Bilwani.
Trade volumes fell to a paltry level of 46 million shares compared with Tuesday’s tally of 63 million shares.
National Bank of Pakistan –that shed almost 18% during October to November 2011 – gained 3% to recover lost ground on expectations of better payout.
Foreign activity will continue to guide market direction while selective interest on result related excitement will continue ahead of the weekend, added Bilwani.
Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) witnessed heavy activity with 1.1 million and 2.3 million shares, respectively.
Likely upward revision in wellhead gas prices stirred activity in PPL while OGDC closed flat on weak numbers from Zin block.
Shares of 321 companies were traded on Wednesday. At the end of the day 107 stocks closed higher, 104 declined while 110 remained unchanged. The value of shares traded during the day was Rs2.16 billion.
Lotte Pakistan PTA was the volume leader with 6.99 million shares gaining Rs0.21 to finish at Rs10.19. It was followed by National Bank of Pakistan with 4.74 million shares firming Rs1.21 to close at Rs44.23 and NIB Bank with 3.02 million shares increasing Rs0.03 to close at Rs1.71.
Published in The Express Tribune, January 5th, 2012.
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