The benchmark 100-share index at the Karachi Stock Exchange (KSE) lost 82.34 points, or 0.66 per cent, to close at 12,306.7 points.
The “PPP’s decision to agree to PML-N’s 10 key points over the weekend gave the early positive impetus to the market but the index faced severe resistance after crossing the 12,500 level,” commented Ahmed Rauf from JS Global Capital.
The number of shares traded fell to 135.4 million – down 11 per cent from the last trading session.
“Oil sector giant and index heavyweight Oil and Gas Development Company (OGDC) contributed the most to today’s [Monday’s] slide, losing 1.5 per cent,” added Nazim Abdul Muttalib from Elixir Securities.
Shares of 407 companies were traded on Monday. At the end of the day, 166 stocks closed higher, 217 declined and 24 remained unchanged. The value of shares traded during the day increased to Rs7 billion.
Silkbank Limited (Silk) led the volumes with 17.6 million shares traded. The bank’s scrip gained more than four per cent to close at Rs2.93 per share. “Silk topped volumes amid continued rumours of a merger,” pointed out Rauf.
Lotte Pakistan PTA followed with a turnover of 14.4 million shares, weakening Rs0.11 to end trade at Rs14.66 per share.
Fauji Fertiliser came in third. The scrip strengthened Rs0.31 to close at Rs38.65 per share.
“Engro gained 3.2 per cent on talk of foreign interest in the stock that led the entire fertiliser sector,” highlighted Muttalib. The Engro scrip, with 7.3 million shares traded, closed at Rs208.
Published in The Express Tribune, January 11th, 2011.
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