Market watch: Stocks fall marginally in dull session

KSE 100-index down 14 points.

KARACHI:

The bourse fell on the first trading session of the week as investors remained on the sidelines amid no triggers.

The Karachi Stock Exchange benchmark 100-share index ended 0.12 per cent or 13.85 points lower at 11,873.28.

Cements attracted better volumes against the broader market on news of the $500 million US loan approval for Diamer-Bhasha dam, said Elixir Securities equity dealer Faisal Bilwani.

Trading volume fell to a dismal level of 60.03 million shares on Monday against Friday’s tally of 80.5 million shares as investors stayed away owing to a provincial holiday on account of Pakistan Peoples Party leader Zulfikar Ali Bhutto’s death anniversary.

Indus Motors hit its upper lock limit with investors betting on higher seasonal sales and better margins, as the company will reportedly gain from the currency import cover facility, added Bilwani

Volumes are expected to remain on the lower side with flows driven activity in absence of any clear direction, said equity dealer. Excitement on results will gradually pick up in the coming days, added Bilwani.

Lotte Pakistan PTA, second on the volumes chart with six million shares, fell 1.1 per cent to Rs15.85 due to declining international PTA prices.

Pace Pakistan led the volumes chart with 11.52 million shares, gaining 1.91 per cent to Rs3.74 on fresh capital injection, said Bilwani. It was followed by Meezan Bank with 2.65 million shares gaining Rs0.05 to close at Rs17.25.

Shares of 355 companies were traded on Monday. At the end of the day, 111 stocks closed higher, 142 declined, while 102 remained unchanged. The value of shares traded during the day was Rs2.15 billion.



Published in The Express Tribune, April 5^th, 2011.