Trade volumes fell to 309 million shares compared with Thursday’s tally of 350 million. PHOTO: ONLINE
KARACHI: The stock market experienced a volatile day and ended marginally in the red.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index declined 0.003% or 1.10 points to end at 29,249.44.
“Equities underwent a roller coaster ride after profit-taking by leading institutions hit the bourse,” Elixir Securities analyst Fareesa Baig said. “The KSE-100 index made an intra-day high of 29,491 as excitement over participation by FII pushed for more churning by day jobbers.
“Gains soon evaporated to touch an intra-day low of over -150 points.
“It was another day for Pakistan State Oil (PSO +1.08%) where it managed to trade near its upper price limit but ended marginally positive with over 7 million shares exchanging hands. National Bank (NBP +1%) traded over 9.7 million shares as continued FII interest pushed stock to close above its resistance area of Rs60 adding around 7% gain in the last four trading sessions.
JS Global analyst Rizvi shared a similar perspective. “Highly volatile session was witnessed at the market today, where bears finally dominated the bulls after the KSE-100 index touched the intraday high at 29,492,” said Rizvi. “Refinery, OMCs and fertiliser stocks were the key outperformers.”
Trade volumes fell to 309 million shares compared with Thursday’s tally of 350 million.
Shares of 366 companies were traded on the last trading session of the week. At the end of the day, 129 stocks closed higher, 217 declined while 91 remained unchanged. The value of shares traded during the day was Rs16.3 billion
Jehangir Siddiqui Company Limited (JS Bank) was the volume leader with 44 million shares, gaining Rs0.5 to finish at Rs12.56. It was followed by Pace Pakistan Limited with 18.1 million shares, declining Rs0.01 to close at Rs5.08 and Lafarge Pakistan with 15.8 million shares, declining Rs0.08 to close at Rs13.69.
Foreign institutional investors were gross buyers of Rs787 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 12th, 2014.
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