Volumes at the Karachi Stock Exchange touched a 13-month low as investors remained passive on the first day of Ramazan.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index declined 27.06 points or 0.22% to end at 12,226.33 points.
Trade volumes plummeted to dismal level of 15 million shares compared with Monday’s tally of 39 million shares.
The value of almost all oil stocks dipped except Pakistan Petroleum Limited over rumours of foreign interest.
Pakistan State Oil was the worst hit, down 1.8% despite news that the country’s largest oil marketing company increased furnace oil prices by Rs3,000 per ton, which is expected to have an annualised positive impact of approximately Rs2.9 per share for fiscal year 2012, said JS Global analyst Jawad Khan.
Foreign institutional investors’ activity dropped as they were net buyers of meagre Rs50.7 million worth of shares compared with the preceding day’s Rs92.3 million, according to data compiled by National Clearing Company of Pakistan Limited.
Engro Corporation Limited - over news that the government is planning to end additional gas outages - led the volume charts with 1.28 million shares at a rate of Rs141.78 after an increase of Rs0.03. Jahangir Siddiqui and Company followed with 1.02 million shares at Rs6.73 after a decrease of Rs0.05.
Kot Addu Power Company was third with 953,000 shares sold at Rs42.89 after a decrease of Rs0.07 to cap off a lacklustre day.
Shares of 290 companies were traded. At the end of the day, 70 stocks closed higher, 116 declined and 104 remained unchanged.
The value of shares traded during the day was Rs932 million.
Published in The Express Tribune, August 3rd, 2011.
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