The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.09 per cent or 9.01 points to end at 10,427.28 points.
Volume was a paltry 63.35 million shares compared with 93.86 million shares traded on Wednesday.
The general consensus is that the policy rate will remain unchanged at 12.5 per cent. A survey of 35 fund managers revealed that 93 per cent expected the status quo to be maintained.
Shares of 396 companies were traded on Thursday. At the end of the day, 178 stocks closed higher, 203 declined and 15 remained unchanged. The value of shares traded during the day was Rs2.85 billion.
Fauji Fertiliser Company (FFC) took the brunt of some profit-taking after posting earnings per share of Rs7.52 along with a second interim cash dividend of Rs3.50 per share for the second quarter, said Elixir Securities analyst Mohammad Rameez. The company’s stock price closed down 0.2 per cent at Rs111.91.
The National Bank of Pakistan (NBP) was the volume leader gaining Rs0.52 to end at Rs72.19 on talk of a possible foreign buying interest in the scrip, added Rameez.
Hub Power Company was second among top traded stocks for the third consecutive day as local interest remained in the stock in anticipation of higher dividend, added Rameez. The stock price rose Rs0.50 to close at Rs36.71.
Cement shares witnessed mixed fortunes as DG Khan Cement, third in volumes, ended the day up by 1.3 per cent while Lucky Cement was down 1.4 per cent after reports that production from Pezu plant has been on a standstill since last week after a rift between the union and the management.
Pakistan Petroleum Limited (PPL) remained the star performer ending the day up at Rs203.47 in anticipation of improved corporate result and payout to be announced next week, said JS Global Capital analyst Jawad Khan.
Published in The Express Tribune, July 30th, 2010.
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