KARACHI:
The stock market closed range-bound on the last trading session of the week as most investors watched from the sidelines for a second straight day.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.15 per cent or 19.83 points to end at 13,273.29 point level on Thursday.
The stock market will remain closed on Friday as the government has declared it a public holiday on the occasion of Pakistan Day. Rumours regarding delay in implementation of capital gains tax reform and hearing on prime minister’s contempt of court case kept activity level low, said Topline Securities Equity Dealer Samar Iqbal.
Cement stocks remained in the limelight after World Bank’s assurance of providing $1 billion with majority of funds allocated for the extension of Tarbela Dam to enhance power generation by 1,400MW, a move that will increase cement demand. Lucky Cement and DG Khan Cement outperformed the market by 2.2% and 5.4%, respectively, during the week. Foreign institutional investors were net sellers of Rs190 million worth of shares. Foreigners were rumoured sellers in fertiliser scripts, according to JS Global Capital.
Trade volumes fell to 226 million shares compared with Wednesday’s tally of 266 million shares. Jahangir Siddiqui and Company was the volume leader with 23.5 million shares gaining Re1 to finish at Rs19.58. It was followed by Jahangir Siddiqui and Company with 22.2 million shares firming Rs0.99 to close at Rs7.87 and Bank of Punjab with 21.9 million shares increasing Rs0.91 to close at Rs9.47.
The stock market is expected to take cue from issuance of much awaited order on the Capital Gains Tax (CGT) in the week ahead, according to market experts.
Published in The Express Tribune, March 23rd, 2012.
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