Stocks rise marginally in thin trade

Stocks ended marginally higher on Tuesday as investors stayed on the sidelines due to violence in the city.

Stocks ended marginally higher in thin trading on Tuesday as investors stayed on the sidelines amid growing lawlessness in the city, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.15 per cent or 15.11 points to end at 10,388.64.

At least 45 people have been killed in violence in Karachi after Muttahida Qaumi Movement (MQM) MPA Raza Haider was shot dead on Monday.

Hectic activity in early hours helped the market gain as the trading session was cut short, said JS Global Capital senior analyst Muzammil Aslam.

The KSE authorities decided to close the market an hour earlier at 2:30 pm. Tension in the city caused the early closure of the market as attendance was low and investors remained on the sidelines, said KSE officials.

Trade volumes fell to a paltry 34 million shares compared with Monday’s tally of 79.51 million shares.

Shares of 357 companies were traded on Monday. At the end of the day, 166 stocks closed higher, 159 declined and 32 remained unchanged. The value of shares traded during the day was Rs2.36 billion.

Ravi Textile was the volume leader with 3.59 million shares, gaining Rs0.05 to close at Rs4.04. It was followed by TRG Pakistan with 3.2 million shares, gaining Rs0.16 to end at Rs4.36 on news that the company sold two of its indirect subsidiaries for approximately $13 million.

Fauji Fertiliser Bin Qasim Limited came third with 3.2 million shares, gaining Rs0.46 to close at Rs30.19.

Investors’ main focus remained the companies that are expected to announce results in the coming few weeks, said Topline Securities equity dealer Samar Iqbal.

MCB Bank posted decent volumes amid rumours of foreign interest and its results scheduled to be announced on Thursday. The company’s stock price rose Rs0.39 to end at Rs211.03.

Pakistan Petroleum Ltd and Pakistan State Oil are scheduled to announce their results on Friday.

Published in The Express Tribune, August 4^th, 2010.