The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.41 per cent or 50.01 points to end at 12,213.24 point level.
The country’s largest oil marketing company PSO posted lower than expected profits and this added fuel to the fire. The share price fell by Rs10 as disappointed investors booked profits in the stock, said Topline Securities Equity Dealer Samar Iqbal.
PSO’s half-yearly drop of 36% in earnings per share to Rs26.72 per share with no cash payout was much lower than the market expectation. The stock fell 4% to close at Rs 252.79.
Trade volumes dropped to 139 million shares compared with Wednesday’s 13-month high tally of 243 million shares.
Lucky Cement outperformed the broader market by gaining 2% on technicians coming out with buy calls after scrip broke its long-term resistance levels, according to equity dealers. Rumours surfaced that the group has managed to secure healthy export orders which will further help support overall profits. Foreign institutional investors were buyers of Rs75 million and sellers of Rs45 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Overall, second tier scrips churned higher volumes on active participation by daily traders.
Azgard Nine was the volume leader with 20.89 million shares gaining Rs0.20 to finish at Rs5.55. It was followed by Fauji Cement with 20.31 million shares firming Rs0.12 to close at Rs4.63 and Jahangir Siddiqui and Company with 18.67 million shares losing Rs0.38 to close at Rs7.80.
Shares of 350 companies were traded on Thursday. At the end of the day 108 stocks closed higher, 149 declined while 93 remained unchanged. The value of shares traded during the day was Rs3.09 billion.
Published in The Express Tribune, February 10th, 2012.
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One seriously wonders why lower than expected profits in one stock pulls down market?.Is KSE a casino.Why are new companies not coming forward and floating their shares.In past 4 years only 26 companies floated their shares and 22 of them are trading below the floating share rate!. Should SECP not be looking into this?