KARACHI: The stock market opened the year on a negative note with the index sinking below 11,200 points intraday. However, a slight recovery was witnessed after better than expected inflation numbers were announced.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.58 per cent or 65.65 points to end at 11,282.01 point level.
Federal Bureau of Statistics, now known as the Pakistan Bureau of Statistics announced inflation for December at 9.75%, down by 41 basis points from 10.19% posted last month.
Oil and Gas Development Company closed down 2.6% as initial flows from Zin block disappointed market participants. Index heavyweight alone contributed 69 points to the total index decline
Trade volumes fell to paltry level of 33 million shares compared with Friday’s tally of 44 million shares.
The fertiliser sector churned out the highest volume after Fauji Fertilizer Company increased urea bag price by Rs50 per bag. Engro also recovered from its intraday low of Rs90.25 to close at Rs94.88 after rumours of another Rs100 price hike expected later in the day.
Fatima Fertilizer Company was the volume leader with 9.99 million shares gaining Rs0.92 to finish at Rs23.84. It was followed by Fauji Fertilizer Bin Qasim with 3.35 million shares rising Rs0.79 to close at Rs43.22 and Engro Corporation with 2.49 million shares increasing Rs2.18 to close at Rs94.88.
Foreign institutional investors were net sellers of Rs5.5 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 3rd, 2012.
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