KARACHI: The market opened the week in the negative as investors preferred to stay on the sidelines given the lack of any substantial positive triggers.
Equities closed negative on a dull day as the market lacks excitement with local fund manager on selling side on reported redemptions, according to Nazim Abdul Muttalib from Elixir Securities.
Karachi Stock Exchange’s benchmark 100-share index lost 0.86 per cent or 82.29 points to close at 9,516.42 points. Only 37 million shares were traded during the day.
“Absence of turnover has and will continue to disallow fresh entries, despite availability of certain stocks at discounted levels, thereby keeping the chances of low volume price erosion intact,” wrote Hasnain Asghar Ali, an analyst from Aziz Fidahusein and Company.
A better-than-expected result announced by Indus Motors also failed to create excitement amidst the low trade volume. “Even though Indus posted a better-than-expected result for fiscal 2010, its uncertain future led to profit-taking in the scrip, closing 3.7 per cent down as a result,” commented Ahmed Rauf from JS Global Capital.
Shares of 340 companies were traded on Monday. At the end of the day, 100 stocks closed higher while 217 declined and 23 remained unchanged. The value of the shares traded during the day was approximately Rs1.29 billion.
With a trade volume of 3.7 million shares, Lotte Pakistan emerged as the market leader. The company’s stock fell by Rs0.27 to close at Rs8.04 per share.
JS and Company followed with a turnover of 2.66 million shares. The scrip shed 4.4 per cent to close at Rs9.61.
WorldCall Telecom Limited was the third market leader with 2.04 million shares traded.
Published in The Express Tribune, August 31st, 2010.
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