Market Watch: Stock market unchanged in dismal session

KSE’s benchmark 100-share index crawls down three points.

KARACHI: The stock market closed flat on Wednesday as local investor’s chose to remain sidelined due to the Supreme Court’s interim order given a day earlier.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled down 0.02 per cent or 2.69 points to end at the 10,930.49 point level.

The Supreme Court on Monday warned President Asif Ali Zardari and Prime Minister Yousaf Raza Gilani of disqualification for defying implementation of the NRO verdict.

Stocks are expected to remain volatile as investors remain focused on political developments in the coming days, said analysts.

Trade volumes fell to paltry level of 23 million shares compared with Tuesday’s tally of 44 million shares.

The market after falling during midday witnessed a late recovery led by fertiliser stocks on expectation of healthy year-end results and payouts.

National Bank of Pakistan was seen on the weaker scale as the judgment on rental power plant corruption is kept aside that was financed by the country’s largest bank itself , said JS Global Capital analyst Mujtaba Barakzai. The bank scrip fell Rs0.56 to close at Rs42.88.

Shares of 326 companies were traded on Wednesday. At the end of the day 122 stocks closed higher, 87 declined while 117 remained unchanged. The value of shares traded during the day was Rs1.23 billion.

Fauji Fertilizer Bin Qasim was the volume leader with 3.29 million shares gaining Rs1.43 to finish at Rs43.37. It was followed by Hub Power Company with 2.35 million shares declining Rs0.34 to close at Rs33.34 and Fauji Fertilizer Company with 1.93 million shares firming Rs3.19 to close at Rs158.98.

Foreign institutional investors were buyers of Rs115 million and sellers of Rs172 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, January 12^th, 2012.