The stock market closed flat on the last trading session of the week as some investors booked profits while others accumulated shares ahead of corporate result announcement.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index crawled down 0.03 per cent or 3.73 points to end at the 14,564.48 point level.
S&P’s affirmation of Pakistan’s long-term rating did not have any major impact on share prices, said Topline Securities equity dealer Samar Iqbal.
Exactly one week after Moody’s downgraded Pakistan’s credit rating to its lowest ever, Standard & Poor’s – its bigger and better-known rival – has reaffirmed the country’s sovereign creditworthiness rating at B-minus and maintained its stable outlook on the country.
Foreign institutional investors were net buyers of Rs132 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Engro Corporation was the major loser on the statement released by the company that they would go for debt restructuring. The local giant has to payoff loans worth Rs22 billion in the current financial year.
ICI continued to gain and rose by another 2.6% - gaining 21.2% in the week – amid rumours that acquisition bid would be higher than the current market price.
Trade volumes fell to 96 million shares compared with Thursday’s tally of 165 million shares.
Shares of 383 companies were traded on Friday. At the end of the day 93 stocks closed higher, 182 declined while 108 remained unchanged. The value of shares traded during the day was Rs3.1 billion.
Jahangir Siddiqui and Company was the volume leader with 14.0 million shares declining Rs0.92 to finish at Rs15.5. It was followed by Azgard Nine with 6.1 million shares descending Rs0.6 to close at Rs6.6 and Askari Bank with 4.9 million shares increasing Rs0.9 to close at Rs15.7.
Published in The Express Tribune, July 21st, 2012.