Market Watch: Stock market falls on profit taking

KSE’s benchmark 100-share index declines 42 points.


Our Correspondent January 25, 2012

KARACHI: The stock market failed to cross the 12,000-point psychological barrier as equities struggled to continue the upward trend amid profit taking by investors.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.35 per cent or 41.63 points to end at the 11,949.75 point level.

Oil stocks failed to carry the momentum after Pakistan Petroleum Limited (PPL) announced 21% increase in half-yearly earnings. Sector closed marginally negative led by Oil and Gas Development Company declining 1.5% and PPL decreasing 1.4%.

Trade volumes fell to 125 million shares compared with Tuesday’s tally of 200 million shares.

The cement sector came in the limelight after retail bag prices were rumoured to increase by Rs100 per bag, further supporting the profits of the industry.

DG Khan Cement, the second highest traded share during the session, closed at its upper limit of the day.

Foreign institutional investors were buyers of Rs294 million and sellers of Rs137 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 335 companies were traded on Wednesday. At the end of the day 106 stocks closed higher, 136 declined while 93 remained unchanged. The value of shares traded during the day was Rs4.49 billion.

Jahangir Siddiqui and Company was the volume leader with 14.96 million shares declining Rs0.61 to finish at Rs6. It was followed by DG Khan Cement with 13.89 million shares gaining Rs1.07 to close at Rs23.18 and Bank Alfalah with 7.61 million shares firming Rs0.14 to close at Rs12.29.

Published in The Express Tribune, January 26th, 2012.

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