Market Watch: Bourse suspends trading 15 minutes before close
Technical error leaves trading session unfinished.
KARACHI:
The stock market unexpectedly came to a standstill 15 minutes before close on Friday due to a ‘technical error’.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.42 per cent or 50.27 points to 12,019.32 point level at 4.15pm.
The final market note is expected around midnight after the problem is fixed, however, Friday’s settlement has been merged with coming Monday’s trading session, KSE official and analysts confirmed.
The benchmark index was up 125 points in early trade but lack of triggers brought the bourse down as investors opted to book profits, Aziz Fidahusein and Company Research Head Hasnain Asghar Ali.
Had the technical problem not suspended trading, the bourse would have ended in the negative zone, added Ali.
MCB Bank was the volume leader with 3.13 million shares as locals were active buyers as rumours prevailed of a large block trade in the Nishat Group company.
Franklin Templeton Investments is believed to be negotiating for a block in the company, an analyst said. The scrip gained Rs4.09 to finish at Rs164.5.
Sister company Nishat Mills was second on the highest traded share list with 1.86 million shares closing unchanged at Rs45.56 and National Bank of Pakistan with 1.85 million shares increasing Rs0.86 to close at Rs45.75.
Trade volumes in the unfinished session stood to 39.7 million shares compared with Thursday’s tally of 49 million shares.
Shares of 260 companies were traded on Friday. At the end of the day 154 stocks closed higher, 77 declined while 29 remained unchanged. The value of shares traded during the day was Rs2.8 billion.
Foreign institutional investors were buyers Rs307 million and sellers of Rs351 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 12th, 2011.
The stock market unexpectedly came to a standstill 15 minutes before close on Friday due to a ‘technical error’.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.42 per cent or 50.27 points to 12,019.32 point level at 4.15pm.
The final market note is expected around midnight after the problem is fixed, however, Friday’s settlement has been merged with coming Monday’s trading session, KSE official and analysts confirmed.
The benchmark index was up 125 points in early trade but lack of triggers brought the bourse down as investors opted to book profits, Aziz Fidahusein and Company Research Head Hasnain Asghar Ali.
Had the technical problem not suspended trading, the bourse would have ended in the negative zone, added Ali.
MCB Bank was the volume leader with 3.13 million shares as locals were active buyers as rumours prevailed of a large block trade in the Nishat Group company.
Franklin Templeton Investments is believed to be negotiating for a block in the company, an analyst said. The scrip gained Rs4.09 to finish at Rs164.5.
Sister company Nishat Mills was second on the highest traded share list with 1.86 million shares closing unchanged at Rs45.56 and National Bank of Pakistan with 1.85 million shares increasing Rs0.86 to close at Rs45.75.
Trade volumes in the unfinished session stood to 39.7 million shares compared with Thursday’s tally of 49 million shares.
Shares of 260 companies were traded on Friday. At the end of the day 154 stocks closed higher, 77 declined while 29 remained unchanged. The value of shares traded during the day was Rs2.8 billion.
Foreign institutional investors were buyers Rs307 million and sellers of Rs351 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 12th, 2011.