Market watch: Profit taking pulls bourse down

KSE’s benchmark 100-share index falls 62 points.

KARACHI:

After gaining for the entire week, the stock market fell amid profit taking in the last trading session before the weekend break.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.55 per cent or 62.21 points to end at the 11,286.21 point level.

The bourse witnessed off-loading led by Attock group companies, pushing the index deep in the red zone in latter half of the trading session, said Aziz Fidahusein and Company Research Head Hasnain Asghar Ali. The downward trend was in line with Asian and European markets.

Attock Group, scheduled to announce its results in the coming days, is expected to post strong full year results and a healthy payout.

Trade volumes fell to 72.7 million shares compared with Thursday’s tally of 90.9 million shares.

A surprise cash payout by few mutual funds created a strong rally in listed closed-end mutual funds, said Topline Securities Equity Dealer Samar Iqbal.

Pakistan Oilfields declined 1.4% ahead of results announcement due on Monday.

Foreign institutional investors were net buyers of shares worth Rs35.3 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Lotte Pakistan PTA was the volume leader with 8.19 million shares gaining Rs0.22 to finish at Rs12.65. Lotte was highly sought due to rising price of PTA in international market, said analysts.

It was followed by National Bank of Pakistan with 6.28 million shares firming Rs0.36 to close at Rs44.19 and Fauji Fertiliser Bin Qasim Limited (FFBL) with 5.98 million shares increasing Rs0.24 to close at Rs52.8.

FFBL remained in the limelight on the last day before ex-trading of Rs2.25 per share cash payout. Ex-dividend means a classification of trading shares when a declared dividend belongs to the seller rather than the buyer.

Shares of 322 companies were traded on Friday. At the end of the day 109 stocks closed higher, 121 declined while 92 remained unchanged. The value of shares traded during the day was Rs3.22 billion.



Published in The Express Tribune, September 10^th, 2011.