KARACHI: The stock market witnessed another day of profit taking on Thursday as investors opted to book profits amid falling activity.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.55 per cent or 65.83 points to end at the 11,883.92 point level.
Trade volumes fell to the dismal double figures 95.5 million shares compared with Wednesday’s tally of 125 million shares.
It is too early but market players are already getting a little anxious on progress over suggested tax regulation changes, however, the current relative low turnover was expected once initial excitement over Capital Gains Tax subsided, said Elixir Securities equity dealer Faisal Bilwani.
Fauji Fertilizer Bin Qasim Limited closed marginally in the negative despite coming out with 2011 earnings that were higher by 65% on a year-on-year basis.
Cash payout at Rs3.5 per share was also in line with expectations, however, investors preferred offloading as earnings going forward will likely not be as high due to shrinking DAP margins, added Bilwani. The stock fell Rs0.29 to close at Rs48.74.
Shares of 324 companies were traded on Thursday. At the end of the day 94 stocks closed higher, 137 declined while 93 remained unchanged. The value of shares traded during the day was Rs4.02 billion.
DG Khan Cement was the volume leader with 10.7 million shares declining Rs0.09 to finish at Rs23.09. It was followed by Fauji Fertilizer Bin Qasim with 9.90 million shares losing Rs0.29 to close at Rs48.74 and Jahangir Siddiqui and Company with 8.51 million shares falling Rs0.14 to close at Rs5.86.
Foreign institutional investors were net buyers of Rs190 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 27th, 2012.
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