The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.49 per cent lower at 12,370.59.
“A fall in international oil prices and uncertainty over the State Bank of Pakistan’s (SBP) monetary policy announcement affected market sentiment despite healthy corporate results,” said Arif Habib Investments Limited Director Ahsan Mehanti.
Pakistan Petroleum Limited’s (PPL) better-than-expected result failed to provide a positive impetus as declining international oil prices kept the sector under pressure, commented analysts. PPL profit jumped 70 per cent to Rs16.6 billion in the first half of fiscal 2010-11.
The State Bank of Pakistan is scheduled to announce the monetary policy on January 29.
Investors preferred to stay sidelined ahead of KSE directors meeting later in the day, said Topline Securities equity dealer Samar Iqbal.
Volumes plummeted 46 per cent to 109 million shares compared with the preceding day’s 202.6 million shares. Second tier stocks dominated trade.
Azgard Nine Limited was the volume leader with 21.3 million shares gaining Rs0.03 to close at Rs11.99. It was followed by Lotte Pakistan with 14.04 million shares gaining Rs0.36 to close at Rs15.05 and Fauji Fertiliser Bin Qasim Limited (FFBL) with 10.69 million shares losing Rs0.51 to close at Rs41.86. FFBL is scheduled to announce its 2010 results today (Tuesday).
Shares of 396 companies were traded on the first trading session of the week. At the end of the day, 146 stocks closed higher, 235 declined and 15 remained unchanged. The value of shares traded during the day was Rs4.87 billion.
Published in The Express Tribune, January 25th, 2011.
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