The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.08% or 13.42 points to end at the 16,237.59 point level.
“Cautious investors preferred to book profit amid fear of law and order situation over the weekend,” said Samar Iqbal, analyst at Topline Securities.
“Investor interest remained confined towards mid cap stocks as Fauji Cement and Maple Leaf contributed 37% to the volume,” added Iqbal.
Trade volume rose to 252 million shares compared with Thursday’s tally of 231 million shares.
Traders reacted positively to the decision on reducing age-limit for imported cars to three years from five years, driving all the major local car assemblers (Pak Suzuki, Indus Motor and Honda Atlas) to hit the upper limit, according to Faisal Bilwani, analyst at Elixir Securities. The decision will be effective from December 15, 2012 to facilitate the processing of existing orders for the import of used cars.
According to a statement earlier by officials of the Maple Leaf Cement, the company may record the highest profit in six years as cement prices rise and slashed interest rates reduce loan payments. The cement producer remained in the limelight for the whole week.
Shares of 386 companies were traded on Friday. At the end of the day 222 stocks closed higher, 120 declined while 44 remained unchanged. The value of shares traded during the day was Rs3.71 billion.
Fauji Cement was the volume leader ending flat with 61.7 million shares to finish at Rs6.97. It was followed by Maple Leaf Cement with 31.64 million shares gaining Rs0.23 to close at Rs15.47 and Byco Petroleum with 11.36 million shares rising Rs0.17 to close at Rs10.69.
Foreign institutional investors were net buyers of Rs61.61 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 24th, 2012.
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