The Karachi Stock Exchange’s (KSE) benchmark 100-share index shed 0.21% or 35.02 points to end at the 16,892.32 points level. Trade volumes, however, improved to 152 million shares compared with Wednesday’s tally of 113 million shares. The value of shares traded during the day was Rs2.87 billion.
“Investors booked profits at the KSE ahead of the year-end close,” observed Ahsan Mehanti, analyst at Arif Habib Corp. “Expectations of lower Consumer Price Index Inflation for December and higher local cement and fertiliser prices invited intraday support in blue-chip stocks.”
Shares of 382 companies were traded on Thursday. At the end of the day 124 stocks closed higher, 195 declined while 63 remained unchanged.
“Equities traded range bound and drifted to close negative on profit-taking with thin volumes ahead of the year end,” said Elixir Securities analyst Nazim Abdul Muttalib. “The benchmark KSE-100 index was unable to sustain the psychological level of 16,900 points, with most volumes again in penny stocks. Engro Corp traded red, as investors see no hopes in gas supply restoration, while textile and power company Nishat Chunian hit its upper lock on earnings excitement,” he reported.
Byco Petroleum was the volume leader with 24.05 million shares gaining Rs0.96 to finish at Rs13.22. It was followed by the Karachi Electric Supply Company (KESC) with 12.84 million shares losing Rs0.37 to close at Rs5.67 and Fauji Cement with 11.91 million shares gaining Rs0.13 to close at Rs6.50.
“Utility giant KESC came under heavy selling pressure as material information notice of increased share float via termination/conversion of redeemable preference shares and fresh issue to the Asian Development Bank and the International Finance Corporation totalling 2.67billion ordinary shares spooked market participants,” reported JS Global’s Ovais Ahsan.
“Fauji Fertilizer saw decent accumulation as dividend hunters remained active on selected counters,” he added.
Foreign institutional investors were net sellers of Rs132.38 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 28th, 2012.
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