“Confusion in the cement sector prevailed ahead of the meeting on the outcome of the cartel which was supposed to be held today,” says an analyst.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.76% or 176.18 points to end at 23,066.5 points.
“Pakistan equities witnessed another volatile session as the market oscillated between red and green after finally settling below 176 points largely due to the lagged effect of a 50bps increase in discount rate which brought industrials to recent lows,” said Fareesa Baig of Elixir Securites.
“Even though the index opened positive celebrating news of Lucky Cement’s (LUCK PA -0.7%) re-entry into the cement association, it was unable to sustain momentum, even after Lucky Cement’s annual result announcement that met expectations at earnings per share of Rs30.04, up 43% YoY along with a Rs8 per share dividend payout. Energy stocks which closely track international oil prices also came down as oil slipped from its high” Baig added.
“The market couldn’t sustain its initial positive rally and closed in red at 23,066, down 0.8%. Owing to soaring circular debt accumulation, PSO battered down by 2.8% with volumes of 1.2mn shares traded today,” said Mujtaba Barakzai of JS Global.
“Confusion in the cement sector prevailed ahead of the meeting on the outcome of the cartel which was supposed to be held today.” Barakzai added.
Trade volumes rose to 233 million shares compared with Tuesday’s tally of 242 million shares.
Shares of 353 companies were traded on Tuesday. At the end of the day 103 stocks closed higher, 211 declined while 39 remained unchanged. The value of shares traded during the day was Rs6.7 billion.
Pakistan International Airline was the volume leader with 39.7 million shares losing Rs0.11 to finish at Rs9.52. It was followed by Pak Elektron Limited with 17.6 million shares gaining Rs1 to close at Rs8.87 and Maple Leaf Cement with 14.3 shares losing Rs0.73 to close at Rs25.5.
Foreign institutional investors were net buyers of Rs172 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 18th, 2013.
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