Market watch: Bourse starts week on a low note

KSE’s benchmark 100-share index eases 15 points.

KARACHI: The stock market started the week on a low note as investor interest remained mixed amid protests and ICI Pakistan buy out.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.1 per cent or 14.87 points to end at the 14,511.54 point level.

Investors remained concerns about the security situation amid country-wide protest against power outrages, said Arif Habib Corporation Ahsan Mehanti.

Lucky Cement saw profit taking as investors feared that Lucky dividend payout would be affected after acquiring ICI Pakistan, said Topline Securities Equity Dealer Samar Iqbal. ICI started the day at its upper circuit as it is trading at a considerable discount to the expected price of tender offer expected to be issued by Lucky Cement for its shares.

Trade volumes gained to 82 million shares compared with Friday’s tally of 58 million shares.

Pre-result rally led Bank Alfalah to close up 66 paisa with a volume of 19.5 million shares.

The market is expected to take its cue from the release of Coalition Support Fund, release of funds for the energy sector and the upcoming monetary policy in the coming days, according to analysts.

Shares of 311 companies were traded on Monday. At the end of the day 117 stocks closed higher, 133 declined while 61 remained unchanged. The value of shares traded during the day was Rs3.2 billion.

Bank Alfalah was the volume leader with 19.4 million shares gaining Rs0.8 to finish at Rs18.9. It was followed by DG Khan Cement with 10.0 million shares firming Rs0.4 to close at Rs46.3 and Lucky Cement with 6.8 million shares declining Rs5.4 to close at Rs123.9.

Foreign institutional investors were net sellers of Rs47 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, July 31^st, 2012.