KARACHI: After the huge leap of 250 points a day earlier, investors made quick profits by selling at the inflated levels on Thursday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index plummeted 0.82 per cent or 113.83 points to end at the 13,831.47 point level.
Another round of strong performance was witnessed in the cement sector as domestic sales number stood at a record high in March, said JS Global Capital analyst Shakir Padela.
Lucky Cement closed at its upper limit of the day as market estimates the swelling sales to convert into healthy profits for the industry.
Trade volumes gained to 458 million shares compared with Wednesday’s tally of 409 million shares.
The value of shares traded during the day was Rs9.38 billion.
The banking sector witnessed selling pressure today as rumours flow of 5% hike in tax in the coming budget led to a sell off. National Bank of Pakistan closed the day on its lower circuit while MCB Bank closed down 1.4%. Foreign institutional investors were buyers of Rs218 million and sellers of Rs215 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
The oil sector saw some renewed interest as market participants took positions in the sector with Pakistan Oilfields and Pakistan Petroleum closing the day up 0.8% and 0.5%, respectively.
Lafarge Pakistan was the volume leader with 33.02 million shares gaining Rs0.06 to finish at Rs5.17. It was followed by DG Khan Cement with 29.60 million shares firming Rs0.50 to close at Rs39.12 and Jahangir Siddiqui and Company with 29.31 million shares declining Rs0.99 to close at Rs21.78.
Published in The Express Tribune, April 6th, 2012.