Market watch: See-sawing index falls again

Benchmark KSE-100 index loses 214.20 points.


Our Correspondent February 25, 2014
Trade volumes fell to 226 million shares compared with Monday’s tally of 283 million. PHOTO: INP/FILE

KARACHI:


The bourse came under pressure once again to close at the 25,500 levels on relatively low volumes.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.83% or 214.20 points to end at 25,559.61.

“Correction was witnessed across the board with banks and textile facing the brunt as National Bank of Pakistan and Nishat Chunian Limited closed down -0.2% and -2.4% respectively,” said Mujtaba Barakzai of JS Global Capital.

Meanwhile, Harris Batla of Elixir Securities stated that Engro Corporation (ENGRO PA -3.7%), the top performer in the last two trading sessions, came down sharply on reported institutional selling that damaged overall sentiments.



“Cements, which were on the move to recover from the recent fall, sustained levels with Lucky Cement (LUCK PA +1.6%) and DG Khan Cement (DGKC PA -0.01%).

“Blue chip financials like Bank Alfalah (BAFL PA -0.5%) and National Bank (NBP PA -0.24%) also found buyers’ interest on lower levels ahead of their respective financial results due next week.

“Moreover, small cap retail plays continued to dominate volumes charts led by Lafarge Cement (LPCL PA -1.9%), Maple Leaf Cement and Fauji Cement (FCCL PA -0.5%),” Batla said.

Trade volumes fell to 226 million shares compared with Monday’s tally of 283 million.

Shares of 367 companies were traded on Tuesday. At the end of the day, 83 stocks closed higher, 262 declined while 22 remained unchanged. The value of shares traded during the day was Rs5.8 billion.



The Bank of Punjab(R) was the volume leader with 52.5 million shares, losing Rs0.33 to finish at Rs0.53. It was followed by Lafarge Pakistan with 16.1 million shares, losing Rs0.23 to close at Rs11.32 and Engro Fertilizer with 11.8 shares, gaining Rs0.65 to close at Rs59.04.

Foreign institutional investors were net sellers of Rs133 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, February 26th, 2014.

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