Market Watch: Bullish run comes to an end at bourse
The Karachi Stock Exchange’s benchmark 100-share index fell 0.24 per cent or 30 points to end at 12,195.59 points.
KARACHI:
The stock market’s six-day winning streak came to an end on Monday amid lack of participation from local institutions.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.24 per cent or 30 points to end at 12,195.59 points.
Most local institutions preferred to stay on the sidelines ahead of the budget announcement scheduled for June 3, said JS Global Capital analyst Jawad Khan.
Prevailing uncertainty about Capital Gains Tax deferral also kept investors away from the market, according to the analyst.
Dewan Group stocks dominated trade on reports that one of its companies may undergo restructuring, said Topline Securities equity dealer Samar Iqbal.
Dewan Salman, the volume leader with 27.9 million shares, rose to its upper circuit breaker to close at Rs3.38 while Dewan Cement came second in the volumes chart with 12.1 million shares. The scrip shot up 59.9 per cent to close at Rs2.59. It was followed by Azgard Nine with 7.48 million shares, gaining Rs0.09 to close at Rs6.8.
Trade volumes rose to 120 million shares compared with Friday’s tally of 80 million shares.
Refinery stocks recorded profit-taking with National Refinery sliding down two per cent and Attock Refinery moving down 3.2 per cent.
The banking sector was also under pressure on rumours of increase in the tax rate in the upcoming budget.
Shares of 344 companies were traded on the first trading session of the week. At the end of the day, 134 stocks closed higher, 134 declined and 76 remained unchanged. The value of shares traded during the day was Rs1.98 billion.
Published in The Express Tribune, May 31st, 2011.
The stock market’s six-day winning streak came to an end on Monday amid lack of participation from local institutions.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.24 per cent or 30 points to end at 12,195.59 points.
Most local institutions preferred to stay on the sidelines ahead of the budget announcement scheduled for June 3, said JS Global Capital analyst Jawad Khan.
Prevailing uncertainty about Capital Gains Tax deferral also kept investors away from the market, according to the analyst.
Dewan Group stocks dominated trade on reports that one of its companies may undergo restructuring, said Topline Securities equity dealer Samar Iqbal.
Dewan Salman, the volume leader with 27.9 million shares, rose to its upper circuit breaker to close at Rs3.38 while Dewan Cement came second in the volumes chart with 12.1 million shares. The scrip shot up 59.9 per cent to close at Rs2.59. It was followed by Azgard Nine with 7.48 million shares, gaining Rs0.09 to close at Rs6.8.
Trade volumes rose to 120 million shares compared with Friday’s tally of 80 million shares.
Refinery stocks recorded profit-taking with National Refinery sliding down two per cent and Attock Refinery moving down 3.2 per cent.
The banking sector was also under pressure on rumours of increase in the tax rate in the upcoming budget.
Shares of 344 companies were traded on the first trading session of the week. At the end of the day, 134 stocks closed higher, 134 declined and 76 remained unchanged. The value of shares traded during the day was Rs1.98 billion.
Published in The Express Tribune, May 31st, 2011.