Market Watch: Stock market takes a dive

KSE’s benchmark 100-share index plummets 161 points.


Express December 15, 2011

KARACHI:


The stock market plummeted on Thursday as investor sentiments fell and foreigners continue to pull their money out of the bourse.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.43 per cent or 161.47 points to end at 11,139.52 point level.

Foreign institutional investors were net sellers of Rs174 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Record low rupee, gas shortage, US indirect intervention in national security and freezing of various funds has resulted in investor sentiments hitting rock-bottom, said JS Global Capital analyst Mujtaba Barakzai.

Trade volumes gained to 52 million shares compared with Wednesday’s tally of 35 million shares.

Index heavyweight Oil and Gas Development Company (OGDC) helped the stay above the 11,000 point mark, said Barakzai.

The stock remained in the limelight on the recent discovery news and its rally continued with no selling witnessed in the past two weeks. OGDC’s stock fell marginally 0.03% to close at Rs154.09.

Foreign institutional investors (FII) were rumoured sellers in blue chip stocks Engro Corporation, Fauji Fertilizer Company, National Bank of Pakistan, MCB Bank, Pakistan Petroleum and Fauji Fertilizer Bin Qasim, added Barakzai.

Shares of 317 companies were traded on Thursday. At the end of the day 39 stocks closed higher, 188 declined while 90 remained unchanged. The value of shares traded during the day was Rs2.01 billion.

Fatima Fertilizer was the volume leader with 5.99 million shares declining Rs0.6 to finish at Rs21.5. It was followed by Hub Power Company with 4.13 million shares falling Rs0.89 to close at Rs35.15 and Fauji Fertilizer Bin Qasim with 3.42 million shares dropping Rs2.13 to close at Rs46.18.

Published in The Express Tribune, December 16th, 2011.

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