Market watch: Bourse falls ahead of long weekend

KSE benchmark 100-share index falls 39 points.

Express August 25, 2011

KARACHI: Stock market fell on Thursday as investors opted to book profits at higher levels ahead of the long weekend.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.36 per cent or 39.32 points to end at the 10,901.76 point level. The stock market will remain closed today (Friday) on account of Jummatul Wida, according to an announcement.

Pakistan Oilfields witnessed massive selling and closed down 1.2% over rumours that the company will not announce a stock dividend with full year result, said JS Global Capital analyst Murtaza Jafar.

Trade volumes gained but stood at a dismal level of 44.8 million shares compared with Wednesday’s tally of 40 million shares.

Among banks National Bank of Pakistan, the volume leader of the day, remained out of favour and closed down 4.4% on talks of foreign funds selling. MCB Bank made a recovery to close up 2.2% after losing almost 3.5% during intraday.

ICI Pakistan’s stock closed at its lower limit after the company announced lower than expected results. The company announced earning per share of Rs7.01 along with cash dividend of Rs3.5 in its half yearly result.

Foreign institutional investors were gross buyers of Rs217 million and gross seller of Rs135 million worth of shares during trade, according to data maintained by the National Clearing Company of Pakistan Limited. Shares of 284 companies were traded on Thursday. At the end of the day 64 stocks closed higher, 136 declined while 84 remained unchanged. The value of shares traded during the day was Rs2.21 billion.

National Bank of Pakistan was the volume leader for the second straight day with 8.5 million shares losing Rs1.77 to finish at Rs38.08. It was followed by Lotte Pakistan PTA with 7.44 million shares gaining Rs0.23 to close at Rs11.08 and Fauji Fertiliser Bin Qasim with 5.26 million shares firming Rs0.05 to close at Rs47.35.

Published in The Express Tribune, August 26th,  2011.

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