KARACHI:
Investors preferred to sell shares at the Karachi Stock Exchange (KSE) on the first trading session of the week on Monday ahead of crucial talks between US Senator John Kerry and government officials.
The benchmark KSE 100-share index fell 0.55 per cent or 65.23 points to end at 11,902.12 points.
Moreover, killing of a Saudi diplomat in Karachi also forced investors to stay cautious, said Topline Securities equity dealer Samar Iqbal.
Senator Kerry was on an official visit to Pakistan and was expected to meet President Asif Ali Zardari, Prime Minister Syed Yousaf Raza Gilani and Army Chief General Ashfaq Pervez Kayani.
All these concerns sent the value of shares traded at the bourse to an eight-month low of Rs1.09 billion, added Iqbal. Volumes fell to a more dismal level of 50 million shares compared with 57 million shares traded on Friday.
Heavyweight oil stocks traded in a narrow range with Oil and Gas Development Company (OGDCL) playing its supportive role to push for marginal gains, according to an equity dealer.
Jahangir Siddiqui and Company was the volume leader with 6.72 million shares, gaining Rs0.06 to finish at Rs7.19.
JS group stocks achieved good volumes on talk that the property cases had ended in the group’s favour, said Elixir Securities equity dealer Nazim Abdul Muttalib.
It was followed by Lotte Pakistan PTA with 5.76 million shares, declining Rs0.36 to close at Rs15 and Azgard Nine with 5.31 million shares, losing Rs0.11 to close at Rs5.77.
DG Khan Cement right shares saw heavy selling as tomorrow (Tuesday) is the last day of its trading. The scrip witnessed volume of 4.5 million shares that closed near its lower circuit breaker.
The market is expected to remain sideways as uncertainty prevails before the announcement of budget later this month, said Muttalib.
Foreign portfolio investment registered a net inflow of $1.64 million during the trade session, according to data compiled by the National Clearing Company of Pakistan Limited.
Shares of 359 companies were traded on Monday. At the end of the day, 77 stocks closed higher, 167 declined and 115 remained unchanged.
Published in The Express Tribune, May 17th, 2011.
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