KARACHI: Investor sentiments hit rock bottom ahead of the weekend as all five trading sessions failed to provide a single positive trigger.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.16% or 158.60 points to end at the 13,558.70 point level.
The fast dropping value of the local currency and tough ties with the US has indeed kept the local bourse under pressure, said Invisor Securities Senior Vice President Hasnain Asghar Ali. Investors chose to book profits before the weekend on bleak international economic outlook and falling oil prices further dampening the sentiment, said another analyst.
Foreign institutional investors were net sellers of Rs340 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Oil stocks were the major losers of the day with Oil and Gas Development Company and Pakistan Oilfields losing 1.9% and 1.3%, respectively.
Major pressure was also seen in cement stocks with DG Khan Cement taking the lead and falling 2.7% with a volume of 13 million shares.
Trade volumes gained to 124 million shares compared with Thursday’s tally of 78 million shares.
Shares of 352 companies were traded on Friday. At the end of the day 80 stocks closed higher, 194 declined while 78 remained unchanged. The value of shares traded during the day was Rs4.02 billion.
Jahangir Siddiqui was the volume leader for the third consecutive day with 21.97 million shares gaining Rs0.90 to finish at Rs13.93. It was followed by DG Khan Cement with 7.41 million shares declining Rs1.28 to close at Rs39.82 and Engro Corporation with 7.41 million shares falling Rs1.82 to close at Rs108.44.
Published in The Express Tribune, June 9th, 2012.
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