Market watch: Another dull day at bourse as investors stay away
KSE-100 index falls 62 points, volumes sag to 10-week low.
KARACHI:
Another dull day was witnessed at the stock market on Wednesday as investors stayed on the sidelines on news of a deepening diplomatic row with the US.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.5 per cent or 61.66 points lower at 12,299.28.
The ongoing tension over Raymond Davis case between Pakistan and the US kept investors on the sidelines as Washington has threatened to stop aid to Islamabad, said Topline Securities equity dealer Samar Iqbal. Volumes continued to shrink as foreigners have started shifting funds to developed markets from emerging markets, said JS Global Capital analyst Mujtaba Barakzai.
Volumes hit a 10-week low of 72 million shares compared with Tuesday’s 94 million shares. Second tier stocks dominated trade.
Pakistan State Oil announced better-than-expected results but failed to bring any excitement at the bourse. The company declared a net profit of Rs7.13 billion along with Rs5 per share dividend.
The announcement regarding expected approval to convert Al-Meezan Mutual Fund into an open-end scheme was warmly welcomed as the scrip closed at its upper limit. The stock gained Re1 to close at Rs10.8.
Shares of 385 companies were traded on Wednesday. At the end of the day, 206 stocks closed higher, 156 declined and 23 remained unchanged. The value of shares traded during the day was Rs2.57 billion.
Nimir Industrial Chemicals, the volume leader with 7.19 million shares, traded on talk of management buyout in association with ZM Associates. The share gained Rs0.08 to finish at Rs2.78.
It was followed by Sui Southern Gas Company with 6.94 million shares, losing Re1 to close at Rs26.2 and the Bank of Punjab with 6.08 million shares, losing Rs0.14 to close at Rs8.44.
Published in The Express Tribune, February 10th, 2011.
Another dull day was witnessed at the stock market on Wednesday as investors stayed on the sidelines on news of a deepening diplomatic row with the US.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.5 per cent or 61.66 points lower at 12,299.28.
The ongoing tension over Raymond Davis case between Pakistan and the US kept investors on the sidelines as Washington has threatened to stop aid to Islamabad, said Topline Securities equity dealer Samar Iqbal. Volumes continued to shrink as foreigners have started shifting funds to developed markets from emerging markets, said JS Global Capital analyst Mujtaba Barakzai.
Volumes hit a 10-week low of 72 million shares compared with Tuesday’s 94 million shares. Second tier stocks dominated trade.
Pakistan State Oil announced better-than-expected results but failed to bring any excitement at the bourse. The company declared a net profit of Rs7.13 billion along with Rs5 per share dividend.
The announcement regarding expected approval to convert Al-Meezan Mutual Fund into an open-end scheme was warmly welcomed as the scrip closed at its upper limit. The stock gained Re1 to close at Rs10.8.
Shares of 385 companies were traded on Wednesday. At the end of the day, 206 stocks closed higher, 156 declined and 23 remained unchanged. The value of shares traded during the day was Rs2.57 billion.
Nimir Industrial Chemicals, the volume leader with 7.19 million shares, traded on talk of management buyout in association with ZM Associates. The share gained Rs0.08 to finish at Rs2.78.
It was followed by Sui Southern Gas Company with 6.94 million shares, losing Re1 to close at Rs26.2 and the Bank of Punjab with 6.08 million shares, losing Rs0.14 to close at Rs8.44.
Published in The Express Tribune, February 10th, 2011.