Market Watch: Stock market falls in dull trade

KSE’s benchmark 100-share index drops 81 points.


Express November 25, 2011

KARACHI:


The stock market fell on the last trading session of the week as volumes plummeted to an alarming level.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.69 per cent or 81.27 points to end at 11,648.14 point level.

Fall in global equity markets and local political issues kept investors on the sidelines, said Topline Securities equity dealer Samar Iqbal.

Major oil, banking and fertiliser stocks closed in the red amid absence of major institutional interest.

Trade volumes fell to the paltry level of 28 million shares compared with Thursday’s tally of 51 million shares.

Most local institutions remained largely sidelined and waited for the outcome of the monetary policy due on November 30.

News that Zin block is in testing phase failed to spark a rally in Oil and Gas Development Company which has 82.5% stake in the block, while other E&P stocks also remained depressed in the absence of positive triggers.

Profit taking was seen in heavy weight OGDC which contributed 34 points in the total index decline, added Iqbal.

Foreign institutional investors were net sellers of Rs128 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 310 companies were traded on the last trading session of the week. At the end of the day 78 stocks closed higher, 123 declined while 109 remained unchanged. The value of shares traded during the day was Rs1.46 billion.

Fauji Fertilizer Bin Qasim was the volume leader with 3.53 million shares declining Rs1.94 to finish at Rs56.55. It was followed by Bank Alfalah with 3.18 million shares gaining Rs0.02 to close at Rs12.01 and Oil and Gas Development Company with 1.36 million shares declining Rs1.34 to close at Rs153.21.

Published in The Express Tribune, November 26th, 2011.

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