Market Watch: Stock market continues downward trend
KSE’s benchmark 100-share index drops 62 points.
KARACHI:
The stock market continued the downward trend on the last trading session of the week with continuous selling in oil stocks leading the way.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.56% or 62.53 points to end at the 11,125.35 point level.
Despite good news of increase in urea price, the overall sentiment remained negative due to continuous selling by offshore investors, said Topline Securities equity dealer Samar Iqbal. The first week of the new year resulted in the market declining by 0.6%.
Index heavyweight Oil and Gas Development Company dipped 2% in the trading session, dragging Pakistan Petroleum and Pakistan Oilfields down 1.2% and 1.8%, respectively.
Overall activity remained slim throughout the day as investors remained confused over the political situation and fear of foreign selling. Trade volumes gained but still at paltry level of 39 million shares compared with Thursday’s tally of 30 million shares.
Engro’s increasing urea prices by Rs210 per bag did bring some excitement at the bourse, however, it was short lived. Foreign institutional investors were highly active as they were net buyers of Rs242 million and sellers of Rs251 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Hub Power Company fell 1.65% on rumours of a large holder hunting block buyers and keeping local investors cautious despite attractive returns.
Hub Power Company was the volume leader with 5.52 million shares declining Rs0.57 to finish at Rs33.89. It was followed by Fatima Fertilizer with 5.22 million shares losing Rs0.19 to close at Rs23.01 and Lotte Pakistan PTA with 3.56 million shares gaining Rs0.03 to close at Rs10.05.
Shares of 310 companies were traded on the last trading session of the week. At the end of the day 96 stocks closed higher, 105 declined while 109 remained unchanged. The value of shares traded during the day was Rs1.84 billion.
Published in The Express Tribune, January 7th, 2012.
The stock market continued the downward trend on the last trading session of the week with continuous selling in oil stocks leading the way.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.56% or 62.53 points to end at the 11,125.35 point level.
Despite good news of increase in urea price, the overall sentiment remained negative due to continuous selling by offshore investors, said Topline Securities equity dealer Samar Iqbal. The first week of the new year resulted in the market declining by 0.6%.
Index heavyweight Oil and Gas Development Company dipped 2% in the trading session, dragging Pakistan Petroleum and Pakistan Oilfields down 1.2% and 1.8%, respectively.
Overall activity remained slim throughout the day as investors remained confused over the political situation and fear of foreign selling. Trade volumes gained but still at paltry level of 39 million shares compared with Thursday’s tally of 30 million shares.
Engro’s increasing urea prices by Rs210 per bag did bring some excitement at the bourse, however, it was short lived. Foreign institutional investors were highly active as they were net buyers of Rs242 million and sellers of Rs251 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Hub Power Company fell 1.65% on rumours of a large holder hunting block buyers and keeping local investors cautious despite attractive returns.
Hub Power Company was the volume leader with 5.52 million shares declining Rs0.57 to finish at Rs33.89. It was followed by Fatima Fertilizer with 5.22 million shares losing Rs0.19 to close at Rs23.01 and Lotte Pakistan PTA with 3.56 million shares gaining Rs0.03 to close at Rs10.05.
Shares of 310 companies were traded on the last trading session of the week. At the end of the day 96 stocks closed higher, 105 declined while 109 remained unchanged. The value of shares traded during the day was Rs1.84 billion.
Published in The Express Tribune, January 7th, 2012.