Market Watch: Bourse ends flat in dull session

KSE’s benchmark 100-share index gains 13 points.

KARACHI: The stock market closed flat on Tuesday although intraday losses were recovered as investors bought heavyweight Oil and Gas Development Company at lower levels.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.11 per cent or 12.79 points to end at 11,506.94 point level.

“The market closed marginally up, mainly supported by Oil and Gas Development Company (OGDC),” said Samar Iqbal, a dealer at Topline Securities Ltd. OGDC gained 0.81% to close at Rs153.01.

Engro also helped the index close in the positive territory as it jumped 3.4% after the government’s restoration of gas supply to the company’s new plant since early November prompted Engro to cut urea price by Rs100 per 50kg bag.

On the contrary, Fauji Fertilizer Company witnessed massive battering and closed down 1.3% as a decrease in urea price will decrease its profit margin.

Trade volumes fell to paltry level of 37 million shares in the absence of major institutional activity compared with Monday’s tally of 46 million shares.

Foreign institutional investors were buyers of Rs53 million and sellers of Rs240 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Shares of 296 companies were traded on Tuesday. At the end of the day 109 stocks closed higher, 105 declined while 82 remained unchanged. The value of shares traded during the day was Rs2.18 billion.

Fatima Fertilizer was the volume leader with 5.46 million shares gaining Rs0.76 to finish at Rs22.95. It was followed by Fauji Fertilizer Bin Qasim with 4.37 million shares declining Rs0.64 to close at Rs54.43 and Fauji Fertilizer with 2.19 million shares falling Rs2.21 to close at Rs165.47.

Published in The Express Tribune, November 30^th, 2011.