Market Watch: Stocks fall as investors opt to book profits

KSE’s benchmark 100-share index drops 174 points.

KARACHI:
The stock market plummeted on Monday as the few investors who participated in the trading session opted to book profits.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.53 per cent or 174.09 points to end at the 11,187.88 point level.

Foreign selling in index heavy weights continued to haunt local investors despite attractive earning growth of 15%, said JS Global Capital Murtaza Jafar. Foreign institutional investors were net sellers of Rs152 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited. FII were rumoured sellers in energy stocks while locals were seen accumulating banking and fertiliser stocks.

Index giant Oil and Gas Development Company dropped 3.9% and contributed 103 points to the total drop in KSE-100 on foreign offloading.


Trade volumes fell to alarming level of 30 million shares compared with Wednesday’s tally of 46 million shares.

Anxiety over politics as we near Upper House elections and concerns on macro situation and worsening energy crisis is keeping locals on the sidelines, said analysts. Overall volumes were again on lower side with foreigners reportedly sellers along with local banks while state funds bought on weakness, added analysts.

Shares of 291 companies were traded on Thursday. At the end of the day 85 stocks closed higher, 116 declined while 90 remained unchanged. The value of shares traded during the day was Rs1.4 billion.

Arif Habib Corporation was the volume leader with 2.35 million shares declining Rs0.64 to finish at Rs27.23. It was followed by Lotte Pakistan PTA with 2.10 million shares falling Rs0.17 to close at Rs10.02 and Fauji Fertilizer Bin Qasim with 2.01 million shares losing Rs1.09 to close at Rs42.63.

Published in The Express Tribune, January 6th, 2012.
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