Market watch: Bearish activity continues, index falls 73 points
Trading volume drops further to 50.6 million shares amid lack of triggers.
KARACHI:
Bearish activity continued at the Karachi bourse on Tuesday as it continued to decline on low volumes, with investors preferring to stay sidelined in the absence of any immediate triggers.
The Karachi Stock Exchange’s (KSE) 100-share index fell 0.61 per cent or 72.68 points to end at 11,796.09 points.
Almost all major blue-chip stocks remained in the red throughout the day, with sketchy support from locals, said JS Global Capital analyst Jawad Khan.
On the other hand, Pakistan State Oil (PSO) closed 1.1 per cent higher because of market talk that foreign funds were buying the stock, but it failed to have an impact on the market due to poor volumes. Most local institutions remained sidelined despite expectations of better corporate announcements in the upcoming result season, added Khan.
Trade volumes dropped further to 50.59 million shares compared with Monday’s tally of 60.31 million shares.
According to Arif Habib Investments Limited Director Ahsan Mehanti, concern over energy shortage in the country affected the industrial sector, despite rising global commodity prices and expectations of record earnings in the oil and fertiliser sectors.
Shares of 358 companies were traded on Tuesday. At the end of the day, 112 stocks closed higher, 161 declined and 85 remained unchanged. The value of shares traded during the day was Rs1.9 billion.
DG Khan Cement (R) was the volume leader with 9.08 million shares, gaining Rs0.35 to finish at Rs4.93. It was followed by DG Khan Cement with 3.4 million shares, losing Rs0.15 to close at Rs24.51 and Pak Reinsurance with 2.18 million shares, gaining Rs0.48 to close at Rs19.8.
Published in The Express Tribune, April 13th, 2011.
Bearish activity continued at the Karachi bourse on Tuesday as it continued to decline on low volumes, with investors preferring to stay sidelined in the absence of any immediate triggers.
The Karachi Stock Exchange’s (KSE) 100-share index fell 0.61 per cent or 72.68 points to end at 11,796.09 points.
Almost all major blue-chip stocks remained in the red throughout the day, with sketchy support from locals, said JS Global Capital analyst Jawad Khan.
On the other hand, Pakistan State Oil (PSO) closed 1.1 per cent higher because of market talk that foreign funds were buying the stock, but it failed to have an impact on the market due to poor volumes. Most local institutions remained sidelined despite expectations of better corporate announcements in the upcoming result season, added Khan.
Trade volumes dropped further to 50.59 million shares compared with Monday’s tally of 60.31 million shares.
According to Arif Habib Investments Limited Director Ahsan Mehanti, concern over energy shortage in the country affected the industrial sector, despite rising global commodity prices and expectations of record earnings in the oil and fertiliser sectors.
Shares of 358 companies were traded on Tuesday. At the end of the day, 112 stocks closed higher, 161 declined and 85 remained unchanged. The value of shares traded during the day was Rs1.9 billion.
DG Khan Cement (R) was the volume leader with 9.08 million shares, gaining Rs0.35 to finish at Rs4.93. It was followed by DG Khan Cement with 3.4 million shares, losing Rs0.15 to close at Rs24.51 and Pak Reinsurance with 2.18 million shares, gaining Rs0.48 to close at Rs19.8.
Published in The Express Tribune, April 13th, 2011.