KARACHI: The stock market lacked any major enthusiasm on the first trading session of the week on Monday as trading remained range-bound due to absence of triggers.
The Karachi Stock Exchange (KSE) 100-share index fell 0.18 per cent or 21.65 points to end at 12,035.89 points. Trade volumes dropped to 76.13 million shares compared with Friday’s tally of 109.52 million shares.
News of the government’s alliance with the Pakistan Muslim League-Quaid (PML-Q) sparked talk of political stability and created interest. However, selling by local institutions was witnessed after the announcement that Osama bin Laden, the alleged mastermind of the 9/11 attacks in the US, had been killed during a military operation in Abbotabad, said Arif Habib Investments Limited Director Ahsan Mehanti.
The uncertainty created by the announcement, along with a drop in global commodity prices, affected investor sentiment, pulling down the market that had gained 75 points in early trade.
However, last week’s earnings announcements continued to impact activity, as the Oil and Gas Development Company Limited (OGDCL) remained in the limelight, gaining 2.1 per cent during trade after a 25 per cent jump in profits and an interim dividend exceeded expectations.
Shares of 363 companies were traded on Monday. At the end of the day, 61 stocks closed higher, 219 declined and 83 remained unchanged. The value of shares traded during the day was Rs3.67 billion.
Lotte Pakistan PTA was the volume leader with 11.88 million shares, losing Rs0.58 to close at Rs16.14. It was followed by Fauji Fertiliser Company with 5.42 million shares, losing Rs1.89 to close at Rs140.02, after the company announced results below market expectations last week, and Azgard Nine with 4.92 million shares, losing Rs0.3 to close at Rs5.09.
Published in The Express Tribune, May 3rd, 2011.
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