Market watch: NRL loss and selling pulls down bourse
KSE’s benchmark 100-share index falls 160 points.
KARACHI:
The stock market closed at a four-week low on the back of selling by investors and fall in the rates of National Refinery stocks on Friday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index dropped 1.37 per cent or 159.9 points to end at the 11,525.25 point level.
National Refinery set the tone for the negative session as it fell 5%, its lower limit of the day, after announcing lower than expected results, said Topline Securities Equity Dealer Samar Iqbal. The company’s stock price lost Rs17.95 in a single day to close at Rs341.14.
The company’s profits declined 39% as lower base oil sales along with lower than expected other income dented the bottom line, said analysts.
Trade volumes gained to 82 million shares compared with Thursday’s tally of 75 million shares.
Fertiliser stocks also had a rough day after Fauji Fertilizer Company plunged almost 5% at intraday, although recovered in late trade on talks of Engro cutting its fertiliser retail bag prices as much as Rs350 after the Sindh High Court ordered Sui Northern Gas Pipelines to restore 100 mmcfd gas to its new plant.
Better than expected results announcement by Fatima Fertilizer, the highest traded share of the day, caught investors’ attention as the stock rose 4%.
Foreign institutional investors were buyers of Rs253 million and sellers of Rs162 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Nishat Mills Limited and Nishat Chunian closed at their lower limits of the day as well.
Shares of 332 companies were traded on the last trading session of the week. At the end of the day 69 stocks closed higher, 169 declined while 94 remained unchanged. The value of shares traded during the day was Rs3.68 billion.
Fatima Fertilizer Company was the volume leader with 21.18 million shares gaining Rs0.68 to finish at Rs24.07. It was followed by Lotte Pakistan PTA with 7.15 million shares declining Rs0.39 to close at Rs12.11 and Fauji Fertilizer Bin Qasim with 5.23 million shares gaining Rs0.4 to close at Rs62.35.
Published in The Express Tribune, October 22nd, 2011.
The stock market closed at a four-week low on the back of selling by investors and fall in the rates of National Refinery stocks on Friday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index dropped 1.37 per cent or 159.9 points to end at the 11,525.25 point level.
National Refinery set the tone for the negative session as it fell 5%, its lower limit of the day, after announcing lower than expected results, said Topline Securities Equity Dealer Samar Iqbal. The company’s stock price lost Rs17.95 in a single day to close at Rs341.14.
The company’s profits declined 39% as lower base oil sales along with lower than expected other income dented the bottom line, said analysts.
Trade volumes gained to 82 million shares compared with Thursday’s tally of 75 million shares.
Fertiliser stocks also had a rough day after Fauji Fertilizer Company plunged almost 5% at intraday, although recovered in late trade on talks of Engro cutting its fertiliser retail bag prices as much as Rs350 after the Sindh High Court ordered Sui Northern Gas Pipelines to restore 100 mmcfd gas to its new plant.
Better than expected results announcement by Fatima Fertilizer, the highest traded share of the day, caught investors’ attention as the stock rose 4%.
Foreign institutional investors were buyers of Rs253 million and sellers of Rs162 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Nishat Mills Limited and Nishat Chunian closed at their lower limits of the day as well.
Shares of 332 companies were traded on the last trading session of the week. At the end of the day 69 stocks closed higher, 169 declined while 94 remained unchanged. The value of shares traded during the day was Rs3.68 billion.
Fatima Fertilizer Company was the volume leader with 21.18 million shares gaining Rs0.68 to finish at Rs24.07. It was followed by Lotte Pakistan PTA with 7.15 million shares declining Rs0.39 to close at Rs12.11 and Fauji Fertilizer Bin Qasim with 5.23 million shares gaining Rs0.4 to close at Rs62.35.
Published in The Express Tribune, October 22nd, 2011.