Stocks fall in another lacklustre session

The benchmark Karachi Stock Exchange 100-share index ends 0.20 per cent or 20.17 points lower at 10,024.86.

KARACHI: The stock market closed lower in another lacklustre session on Tuesday. The benchmark Karachi Stock Exchange (KSE) 100-share index ended 0.20 per cent or 20.17 points lower at 10,024.86.

Confidence remains extremely low as market hunts for triggers with leverage product the only catalyst that could revive interest, said Elixir Securities equity dealer Faisal Bilwani.

Lacklustre trading will continue with stock-specific interest guiding the market direction, said Bilwani.

Quarterly earnings of key companies that are scheduled to be announced by month-end may spur some excitement while progress on leverage product remains crucial to volumes picking up in the broader market, added Bilwani.

Turnover was 63.41 million shares compared with 53.28 million shares on Monday. Second tier stocks once again dominated trading.

Among blue-chip stocks, Pakistan Telecommunication Company Limited witnessed decent volumes but the scrip fell Rs0.08 to close at Rs18.85.

Investors preferred Pakistan Oilfields Limited (POL) and Attock Petroleum Limited (APL) which announced decent payouts in their full-year corporate results. POL jumped 0.9 per cent on market talk of local institutional buying and APL rose 1.6 per cent.

Shares of 396 companies were traded during the day. At the end of the day, 151 stocks closed higher, 218 declined and 27 remained unchanged. The value of shares traded during the day was Rs1.8 billion.

Atlas Bank was the volume leader with 8.72 million shares gaining Rs0.54 to finish at Rs2.15. It was followed by Lotte Pakistan with 4.81 million shares losing Rs0.08 to close at Rs8.47 and TRG Pakistan with 4.51 million shares falling Rs0.02 to close at Rs4.26.

Published in The Express Tribune, October 6^th, 2010.