Market watch: Stock market takes a breather

KSE’s benchmark 100-share index falls 0.16%.

KARACHI: The stock market decided to take a breather after two days of massive climbing despite improvement in Pak-US relations.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.16 per cent or 22.69 points to end at the 14,178.10 point level on Wednesday after climbing more than 3% in the preceding two trading sessions.

In the latest developments, US Secretary of State Hillary Clinton apologised over last year’s deadly air attacks on a military check post while Nato supply routes have also been opened. Pakistan is also likely to receive $1.1 billion under the CSF & Kerry Lugar easing some concerns over depleting forex reserves and weakening currency, said JS Global Capital Jawad Khan.

Foreign institutional investors were net buyers of Rs32 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Local institutions continued to book profits in key oil and banking stocks, added Khan.

Index giant Oil and Gas Development Company closed flat while Pakistan Petroleum fell 0.7% despite an increase in international oil prices.

Banking stocks underwent profit taking as United Bank, National Bank of Pakistan and MCB Bank slipped 0.7%, 0.6% & 0.2%, respectively.

Trade volumes declined to 101 million shares compared with Tuesday’s tally of 119 million shares.

Shares of 360 companies were traded on Wednesday. At the end of the day 132 stocks closed higher, 130 declined while 98 remained unchanged. The value of shares traded during the day was Rs4.5 billion.

DG Khan Cement was the volume leader with 10.9 million shares declining Rs0.02 to finish at Rs41.06. It was followed by Pakistan Telecommunication Company Limited with 8.0 million shares falling Rs0.08 to close at Rs14.52 and Jahangir Siddiqui and Company with 5.2 million shares descending Rs0.22 to close at Rs13.33.

Published in The Express Tribune, July 5^th, 2012.