Weak international markets and uncertainty on the political front led investors to book profits at inflated levels, read a JS Global Capital research note. The stock market touched the 14,000-point level on Friday but failed to sustain those levels and fell before the trading session came to an end.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled down 0.08 per cent or 10.85 points to end at the 13,864.68 point level.
Second and third tier stocks continued to dominate volumes for the day as investors wait for the official order before taking bets on the blue chip stocks.
Moreover, news flow suggesting disbursement of $1.2 billion for Coalition Support Fund by the end of the month failed to provide any boost to the market.
Trade volumes fell to 348 million shares compared with Friday’s tally of 433 million shares. The value of shares traded during the day was Rs5.4 billion.
Lucky Cement came down by Rs4.17 as investors reduced their exposures after the recent rally.
Foreign institutional investors were net sellers of Rs113 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Index giant Oil and Gas Development Company dropped 1.7% to close at Rs166.33.
Shares of 374 companies were traded on Monday. At the end of the day 177 stocks closed higher, 138 declined while 59 remained unchanged.
WorldCall Telecom was the volume leader with 30.86 million shares gaining Rs0.09 to finish at Rs4.05. It was followed by Dewan Cement with 21.07 million shares declining Rs0.51 to close at Rs6.19 and Fauji Cement with 19.68 million shares increasing Rs0.20 to close at Rs6.07.
Published in The Express Tribune, April 10th, 2012.
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