Index sheds 60 points in volatile session.
KARACHI: The market rounded off recent gains with a correction in the second-last trading session of the week, with investors taking advantage of historic highs to book their profits.
“Pakistani equities settled in the red after early gains turned into afternoon losses,” commented Jawwad Aboobakar from Elixir Securities. “Sellers made their presence known at new highs, after blue-chips slumped to session lows later in the day.”
“Accumulation in oil marketing companies and the energy sector was seen at lower levels,” observed Fahad Ali, analyst at JS Global Capital, “[while] third-tier stocks performed exceptionally today with high volumes.”
The Karachi Stock Exchange’s (KSE) benchmark 100-share index shed 0.28% or 60.60 points to end at the 21,441.12 points level. Trade volumes shot to 485 million shares, compared with Tuesday’s tally of 305 million shares. The value of shares traded during the day was Rs12.23 billion.
“The market closed marginally negative amid profit-taking in heavyweights such as the Oil and Gas Development Company, MCB Bank, Pakistan Petroleum and Pakistan Oilfields,” commented Topline Securities’ Senior Manager Equity Sales Samar Iqbal. “Meanwhile, investors’ interest was seen in mid-cap cement stocks like Fauji Cement, Dewan Cement and Maple Leaf Cement,” she added.
Bank of Punjab (rights issue) took the lead in volumes traded with 83.34 million shares, gaining Rs0.74 to finish at Rs3.16. It was followed by TRG Pakistan with 34.39 million shares, gaining Rs0.95 to close at Rs11.19; and Bank of Punjab with 27.95 million shares, gaining Rs1.00 to close at Rs12.80.
“Consumer plays, namely Engro Foods and Mitchells Fruit Farms, also hit their upper price limit over higher seasonal sales in their upcoming results,” reported Aboobakar. “On the contrary, oils, cements and textile stocks traded red, as investors opted to book profits over 21,500 levels. Financials also felt the brunt of the afternoon selling spree, with MCB Bank closing down 1.69%.”
Foreign institutional investors were net sellers of Rs1.01 billion worth of securities, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 30th, 2013.
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