The value of shares traded during the day was Rs6.6 billion. PHOTO: INP/FILE
KARACHI: Disappointed at earnings’ results, the stock market continued its downward slide as the week headed into its final day.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.7% or 180.13 points to end at 25,506.80.
“The declines pushed the index below 25,600, a level considered to be a key support by chartists,” said Muhammad Raza Rajwani of Elixir Securities.
“Among the notables were Engro Corp (ENGRO PA +1.3%), Bank Alfalah (BAFL PA +0.8%) and United Bank (UBL PA +1.2%) that, despite the bearish sentiment, closed in green. Rumours that Engro has achieved significant headways in securing gas at $0.70 per million British thermal units for its new plant revived interest in the stock, while expectations of a Warid-PTCL deal and a strong result by UBL Bank managed to keep both banks buoyant.”
Yesterday’s string of disappointing results carried forward today as well, forcing Nestle and Nishat Chunian to hit their lower lock of -5%. Investors cherry picked stocks from independent power producers, according to Rajwani.
“The misery in the consumer sector continued as National Foods (-4.9%) also was a major decliner today. JS Bank (+11%) was a major gainer as news that the State Bank of Pakistan will approve sale of HSBC’s domestic network excited participants,” commented Ovais Ahsan of JS Global.
Trade volumes rose to 196 million shares compared with Wednesday’s tally of 185 million.
Shares of 366 companies were traded on Thursday. At the end of the day, 114 stocks closed higher, 229 declined while 23 remained unchanged. The value of shares traded during the day was Rs6.6 billion.
Bank of Punjab (R) was the volume leader with 28.41 million shares, losing Rs0.25 to finish at Rs1.21. It was followed by TRG Pakistan with 26.30 million shares, gaining Rs0.91 to close at Rs12.61 and Lafarge Pakistan with 9.61 shares, gaining Rs0.4 to close at Rs10.66.
Foreign institutional investors were net sellers of Rs6.8 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 21st, 2014.
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