Stock market falls amid healthy volumes

KSE’s benchmark 100-share index declines 88 points.

KARACHI:

The year’s final trading session closed in the negative territory led by index heavyweight Oil and Gas Development Company.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.77 per cent or 88.01 points to end at 11,347.66 point level on Friday.

Uncertainties in the memo gate scandal forced investors to liquidate their holding and cause the index to decline, said Topline Securities equity dealer Samar Iqbal.

Trade volumes gained to 63 million shares compared with Thursday’s tally of 44 million shares.

Engro Corporation closed near its lower limit of 5% on rollover of futures contract and reports of foreign selling.

Foreign institutional investors were net sellers of Rs5 million worth of shares.

NIB Bank was the volume leader for the second day running with 8.13 million shares gaining Re0.01 to finish at Rs1.73. It was followed by TRG Pakistan with 7.73 million shares firming Rs0.08 to close at Rs1.22 and Habib Sugar Mills with 4.73 million shares losing Rs1.15 to close at Rs21.91.

Published in The Express Tribune, December 31^st, 2011.