KARACHI: The stock exchange survived Thursday above the 14,000 points psychological barrier; after panic selling saw the market close deep in the red on Wednesday. Investor sentiments were mixed, and the market closed flattish amidst thinner volumes of trade.
“Fall in global stocks and commodities and limited foreign interest affected sentiments despite expectations for improvements in Pakistan-US relations on resumption of Nato supplies,” said Ahsan Mehanti, director at Arif Habib Corporation.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.13% or 17.99 points to end at the 14,063.08 point level.
“Investors remained confused after two consecutive days of net foreign selling. Pakistan Telecommunication Company (PTCL) fell after no new developments could be seen on the International Clearing House front. DG Khan Cement recovered after remaining under pressure for the last few sessions,” recounted Samar Iqbal, equity dealer at Topline Securities.
Trade volumes fell further to 143 million shares compared with Wednesday’s tally of 146 million shares. The value of shares traded during the day was Rs5.01 billion.
“Foreigners were rumoured net sellers today at inflated levels, due to a continued decline in international bourses; however, locals were seen accumulating cements and fertiliser stock,” reported Murtaza Jafar, analyst at JS Global.
“Energy stocks continued with their laggard movement due to a continuous decline in WTI crude oil prices to $93.5 per barrel,” added Jafar.
PTCL was the volume leader with 19.31 million shares losing Rs0.53 to finish at Rs15.59. It was followed by DGKC with 17.24 million shares gaining Rs1.30 to close at Rs42.50 and Bankislami Pakistan with 13.01 million shares gaining Rs0.98 to close at Rs9.95.
Foreign institutional investors were net sellers of Rs378.15 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 18th, 2012.
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