The Karachi Stock Exchange’s (KSE) benchmark 100-share index dropped 0.77 per cent or 92.78 points to end at 11,966.29 point level.
Eleven of the twelve listed oil and gas sector companies closed in the red on news of the ban. The largest oil marketing distributor Pakistan State Oil ended the day down 4% to close at Rs253.57. Moreover, National Refinery and Attock Refinery closed down 1.7% and 4.5%, respectively.
National Bank of Pakistan closed down at its lower limit of the day after few of its former executives were put on the exit control list as they violated their powers to give undue benefits to favourites, said Elixir Securities equity dealer Sibtain Mustafa. The scrip dropped 5% to close at Rs46.43.
Foreign institutional investors (FII) were net sellers of Rs74 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Trade volumes fell to 91.68 million shares compared with Wednesday’s tally of 141.7 million shares.
Fertiliser stocks went against the tide as Fauji Fertilizer Company, Fauji Fertilizer Bin Qasim Limited and Fatima Fertilizer seemed immune to the sell off on account of their improved fundamentals after a price hike earlier in the week.
Fatima Fertilizer Company was the volume leader with 11.75 million shares as locals bought the scrip on expectations that the company will announce it’s first-ever profit in its upcoming quarterly results, said Mustafa. The company stock gained Rs0.99 to finish at Rs21.99.
It was followed by Pakistan Telecommunication Company Limited on the volumes chart with 9.03 million shares losing Rs0.26 to close at Rs12.34 and Lotte Pakistan PTA with 8.9 million shares declining Rs0.35 to close at Rs12.54.
Published in The Express Tribune, October 14th, 2011.
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