KARACHI: The stock market closed flat after witnessing a mixed session on Tuesday amid low volumes.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled down 0.04 per cent or 5.21 points to end at the 14,374.33 point level.
Foreign institutional investors were net buyers of Rs111 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Among exploration and production companies, Pakistan Petroleum gained 0.4% and showed some initial promise after reports that PPL will compete with major global firms in bidding for rights to explore oil and gas in Afghanistan, said JS Global Capital analyst Jawad Khan. Pakistan Oilfields on the other hand jumped 1.2% with low volumes over expectations of better payouts in full year results.
The banking sector remained out of favour and witnessed profit taking near close of the session.
Pakistan State Oil also witnessed some investor interest over expectations that the government will soon ease its mounting receivables, said Khan.
Trade volumes fell to 83 million shares compared with Monday’s tally of 90 million shares. Shares of 370 companies were traded on Tuesday. At the end of the day 136 stocks closed higher, 120 declined while 114 remained unchanged. The value of shares traded during the day was Rs3.8 billion.
DG Khan Cement was the volume leader with 12.4 million shares gaining Rs0.14 to finish at Rs43.6. It was followed by Engro Foods with 9.5 million shares firming Rs2.5 to close at Rs73.3 and Jahangir Siddiqui and Company with 6.1 million shares declining Re0.1 to close at Rs14.1.
Published in The Express Tribune, July 11th, 2012.
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