KARACHI:
The stock market ended at the same level it opened on Monday despite the much-awaited margin trading system marking its first day at the bourse.
Political uncertainty overshadowed the beginning of margin trading system, said Topline Securities equity dealer Samar Iqbal, adding that investors remained confused about the fate of relationship between Pakistan Peoples Party and Muttahida Qaumi Movement.
The Karachi Stock Exchange (KSE) benchmark 100-share index crawled up 0.14 point at 12,045.38 points.
The first day of leverage product only witnessed $20,000 worth of shares traded under the margin trading system, close to the upper cap of borrowing rate at 21.37 per cent, informed Elixir Securities equity dealer Faisal Bilwani.
Most participants including institutional investors are likely to adopt a wait-and-see approach on the margin trading system, said Bilwani.
The number of shares traded stood at 77 million shares compared with 67.05 million on Friday.
Activity remained confined to low-cap stocks as 30 per cent of the total volume was recorded in two scrips from the chemical sector.
Nimir Industrial Chemicals was the volume leader with 13.1 million shares, gaining Rs0.31 to finish at Rs3.01. It was followed by Descon Oxychem with 10.08 million shares, firming Rs0.98 to close at Rs8.96 and Nishat Chunian Limited with 5.42 million shares, gaining Rs1.31 to close at Rs29.03.
Shares of 371 companies were traded on the first trading session of the week. At the end of the day, 144 stocks closed higher, 136 declined and 91 remained unchanged. The value of shares traded during the day was Rs2.57 billion.
Published in The Express Tribune, March 15th, 2011.
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