Local bourse eased on the last trading session of the week, in line with its global peers, amid low activity.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell just 0.06 per cent or 7.8 points to end at 12,361.31 point level.
Participants refrained from taking major positions as they await the result of the meeting between the KSE board and the Securities and Exchange Commission of Pakistan scheduled on June 22 to discuss changes in margin trading rules and relaxation for individual investors, said Elixir Securities equity dealer Sara Shahid.
Pakistan State Oil rose 0.8 while Shell firmed two per cent on reports that oil marketing margins may be tweaked upwards. The Oil and Gas Regulatory Authority is expected to increase margins on high speed diesel and petrol by Rs0.5 per litre.
Trade volumes fell to rose slightly to 48 million shares compared with Thursday’s tally of 46 million shares.
Hub Power Company witnessed active selling after the closure of its Narowal unit for the fifth consecutive day due to non-availability of furnace oil.
Foreign Institutional Investors (FII) were rumoured sellers in the energy companies while locals were sellers in fertiliser companies and buyers in oil marketing companies.
FII were net buyers of Rs14 million on Friday compared against net selling of Rs18 million during trade on Friday, according to data maintained by the National Clearing Company of Pakistan Limited.
Engro was under pressure yet again and fell Rs2.27 to close at Rs177.78 as issues regarding its gas supply restorations till remain unresolved. The scrip has fallen more than nine per cent in two weeks.
Volumes remained confined to low capped stocks as Soneri Bank right shares led the volumes chart with 6.02 million shares declining Rs0.01 to close at Rs0.12. It was followed by Lotte Pakistan PTA with 3.73 million shares closing unchanged at Rs14.61 and Fauji Cement right shares with 3.2 million shares gaining Rs0.01 to close at Rs0.02.
Shares of 334 companies were traded on Friday. At the end of the day 77 stocks closed higher, 148 declined while 109 remained unchanged. The value of shares traded during the day was Rs2.2 billion.
Published in The Express Tribune, June 18th, 2011.
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