The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.17 per cent or 17.5 points to end at 10,234.
“Expectation of an increase in Pakistan Investment Bond (PIB) cut-off yield brought the market down to close in the negative zone,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Volumes surged 47 per cent as 119 million shares were traded in the ready market on Wednesday against 81 million shares traded on Tuesday.
However, it is important to note that of the total shares traded in the ready market, 45.6 million, 38 per cent of the total volume, were traded in only two stocks, Lotte Pakistan PTA (30 million shares) and Jahangir Siddiqui and Company Limited (15 million shares), said JS Global Capital analyst Muzzamil Mussani.
Lotte Pakistan PTA was the volume leader after the news that the Economic Coordination Committee of the cabinet on Tuesday reduced the duty protection for PTA to three per cent from 7.5 per cent, added Mussani. Lotte Pakistan PTA share price was down by 4.9 per cent at Rs8.38.
Pakistan State Oil (PSO) was the star performer during the second half of the trading session, gaining 3.5 per cent because of news that the Asian Development Bank will approve $500 million for budgetary support and inter-corporate debt in its upcoming board meeting.
Shares of 371 companies were traded on Wednesday. At the end of the day, 153 stocks closed higher, 194 declined and 24 remained unchanged. The value of shares traded during the day was Rs3.84 billion.
Bestway Cement was the top gainer with an increase of 7.7 per cent to end at Rs14.02 while Pakistan Telephone Cables was the KSE-100 top loser plummeting 14.83 per cent to Rs2.7.
Published in The Express Tribune, July 22nd, 2010.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ