The stock market remained listless for most part of the trading session on Friday, however, massive selling by foreigners in the last hour hit the broader market hard.
The Karachi Stock Exchange (KSE) 100-share index ended 2.12 per cent or 251.66 points lower at 11,606.61 points.
Late offloading mainly in oil stocks including Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited pulled the index down.
OGDCL alone contributed around 100 points to a total loss of 252 points in the index, said Topline Securities equity dealer Samar Iqbal.
The index heavyweight received heavy battering, after the company released flat gas wellhead prices for the second half of fiscal 2011, said JS Global Capital analyst Jawad Khan.
Pakistan Oilfields and Pakistan Petroleum Limited also remained under selling pressure, declining by 1.2 per cent and 2.3 per cent, respectively after remaining in the limelight during previous day’s trade.
Trading volume totalled 125.13 million shares compared with 117 million shares on Thursday.
Lucky Cement closed at its lower circuit breaker despite cement prices showing an increasing trend.
Among fertilisers, Fauji Fertiliser Company and Engro ended the day down 1.8 per cent and 0.8 per cent, respectively.
Lotte Pakistan PTA remained the volume leader after the news of PTA plant shutdown in China due to Japan’s catastrophe, added Iqbal. The scrip with 23 per cent of total volume traded rose Rs0.22 to close at Rs15.72.
It was followed by Pakistan Telecommunication Company Limited with 9.47 milllion shares, falling Rs0.86 to close at Rs16.83 while Nishat (Chunian) Limited firming Rs0.49 to end at Rs28.55.
Published in The Express Tribune, March 19th, 2011.
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