KSE range bound after gaining over 1% last week

Equities close almost flat on the first day of the week as investors prefer to stay on the sidelines.

KARACHI: Equities closed almost flat on the first day of the week as investors preferred to stay on the sidelines amidst political and economic uncertainty.

The benchmark 100-share index at the Karachi Stock Exchange (KSE) gained only 2.59 points, or 0.03 per cent, to close at 10,045.03 points.

“The market took a breather after gaining over one per cent last week and remained range bound throughout the day in the absence of any trigger,” commented Samar Iqbal, a local equity dealer.

Activity remained sluggish with just 53.28 million shares changing hands. “Majority of the volumes were witnessed in second tier scrips,” highlighted Ahmed Rauf from JS Global Capital.

Meanwhile, Nazim Abdul Muttalib from Elixir Securities claims activity remained stock specific with Pakistan Oil Fields (POL) and Fauji Fertiliser Bin Qasim (FFBL) recording decent volumes. POL closed one per cent up backed by an increase in international oil prices and announcement of hefty cash payout while FFBL gained 2.2 per cent in anticipation of higher demand in coming days.

Shares of 394 companies were traded during the day. At the end of the day, 158 stocks closed higher, 211 declined and 25 remained unchanged. The value of shares traded during the day was Rs1.52 billion.

TRG Pakistan topped the volume leaders’ list on Monday with a turnover of about 4.83 million shares. The company’s stock went up by Rs0.01 to close at Rs4.28 per share.

JS and Company followed with a trade volume of 3.85 million shares. The scrip closed Rs0.17 down at Rs9.62 per share.

Bank Alfalah came in third with 3.08 million shares traded during the day. The bank’s stock gained almost two per cent to close at Rs8.45.

Published in The Express Tribune, October 5^th, 2010.