At close on Monday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index declined 0.56% or 177.88 points to end at 31,316.96.
Elixir Securities analyst Sibtain Mustafa said the index failed to carry Friday’s momentum, which was a “result of mixed sentiment”. “This was a result of politics as well as pressure of the rollover from future contracts,” said Mustafa.
“Cements traded volatile with the exception of Lucky Cement (LUCK, 1.3%) that added gains on institutional buying.
“In the wider market, turnover remained low with second- and third-tiers dominating the charts as investors remain cautious and major players prefer to stay on the sidelines.
“Engro Fertilizers (EFERT, -4.4%) corrected further on profit-taking while rumors of gas supply disruptions during coming winter season pushed stock to close at lower price limit.”
Meanwhile, JS Global analyst Ovais Ahsan said Pakistan Petroleum Limited (-0.87%) contributed the most to the KSE-100’s decline with a bleak outlook for global energy prices taking a toll on exploration companies.
“Mari Petroleum (-5%) hit its lower circuit breaker price as speculators choose to sell on the back of no news emanating regarding the re-pricing of its gas output,” said Ahsan.
“Dawood Hercules(-2.26%) lost ground after announcing that gas to its fertiliser unit has been cut off as subsidiary Engro Corporation also came off 1.5% sharply.”
Trade volumes rose to 200 million shares compared to 170 million on Friday.
Shares of 354 companies were traded on the last trading session of the week. Of these, 217 companies declined, 117 closed higher while 20 remained unchanged. The value of shares traded during the day was Rs8.9 billion.
Pakistan International Airlines Company was the volume leader with 29.2 million shares, gaining Rs0.50 to close at Rs7.11. It was followed by Jahangir Siddiqui and Company with 24.8 million shares, gaining Rs0.25 to close at Rs16.09 and Sui Southern Gas Limited with 10 million shares, gaining Rs1.36 to close at Rs35.09.
Foreign institutional investors were net buyers of Rs292 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 25th, 2014.
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