Market watch: Stocks down for second day in a row
KSE-100 index loses 39 points to close at 12,267 points on Tuesday.
KARACHI:
Volatility was witnessed for a second day in a row at the local bourse largely on the back of profit-taking in index heavyweight Oil and Gas Development Company (OGDC), according to analysts.
The benchmark 100-share index at the Karachi Stock Exchange (KSE) lost 39.49 points, or 0.32 per cent, to close at 12,267.21 points.
“Local institutions continued to book profits as the KSE-100 index remained range-bound in the band of 60 points,” commented Samar Iqbal, a local equity dealer.
The number of shares traded fell to 120 million – down 11 per cent for the second time in a row.
“The market closed down 39 points as the index heavyweight OGDC underwent massive profit-taking, dragging down other oil stocks with it,” highlighted Jawad Khan from JS Global Capital.
OGDC slipped 2.2 per cent, followed by a marginal decline in Pakistan Petroleum Limited (PPL), whereas Pakistan Oilfields (POL) remained firm throughout the day and closed in the green despite some profit-taking towards the end, he added.
Shares of 408 companies were traded on Tuesday. At the end of the day, 183 stocks closed higher, 199 declined and 26 remained unchanged. The value of shares traded during the day increased to Rs7.37 billion.
Lotte Pakistan PTA led the volumes with a turnover of 11.7 million shares, weakening Rs0.14 to end trade at Rs14.52 per share. Fauji Fertiliser followed with 10.8 million shares traded. The scrip lost Rs0.23 to close at Rs38.42 per share.
FFC continued to attract major participation from local institutions and punters alike, gaining 2.3 per cent, while shares in Engro closed marginally up, despite heavy profit-taking by local institutions.
Fatima Fertiliser came in third, gaining Rs0.49 to close at Rs11.67. “Fatima Fertiliser showed a surprise jump gaining 4.38 per cent with impressive volumes to close among the top volume generators,” highlighted Sara Shahid from Elixir Securities.
The Consumer Price Index figure for December failed to create any major excitement in the market, according to Shahid.
Published in The Express Tribune, January 12th, 2011.
Volatility was witnessed for a second day in a row at the local bourse largely on the back of profit-taking in index heavyweight Oil and Gas Development Company (OGDC), according to analysts.
The benchmark 100-share index at the Karachi Stock Exchange (KSE) lost 39.49 points, or 0.32 per cent, to close at 12,267.21 points.
“Local institutions continued to book profits as the KSE-100 index remained range-bound in the band of 60 points,” commented Samar Iqbal, a local equity dealer.
The number of shares traded fell to 120 million – down 11 per cent for the second time in a row.
“The market closed down 39 points as the index heavyweight OGDC underwent massive profit-taking, dragging down other oil stocks with it,” highlighted Jawad Khan from JS Global Capital.
OGDC slipped 2.2 per cent, followed by a marginal decline in Pakistan Petroleum Limited (PPL), whereas Pakistan Oilfields (POL) remained firm throughout the day and closed in the green despite some profit-taking towards the end, he added.
Shares of 408 companies were traded on Tuesday. At the end of the day, 183 stocks closed higher, 199 declined and 26 remained unchanged. The value of shares traded during the day increased to Rs7.37 billion.
Lotte Pakistan PTA led the volumes with a turnover of 11.7 million shares, weakening Rs0.14 to end trade at Rs14.52 per share. Fauji Fertiliser followed with 10.8 million shares traded. The scrip lost Rs0.23 to close at Rs38.42 per share.
FFC continued to attract major participation from local institutions and punters alike, gaining 2.3 per cent, while shares in Engro closed marginally up, despite heavy profit-taking by local institutions.
Fatima Fertiliser came in third, gaining Rs0.49 to close at Rs11.67. “Fatima Fertiliser showed a surprise jump gaining 4.38 per cent with impressive volumes to close among the top volume generators,” highlighted Sara Shahid from Elixir Securities.
The Consumer Price Index figure for December failed to create any major excitement in the market, according to Shahid.
Published in The Express Tribune, January 12th, 2011.