Bank of Punjab was the volume leader with 15 million shares losing Rs0.31 to finish at Rs13.69. PHOTO: FILE
KARACHI:
The stock market stumbled on the second day of its opening after Independence Day to close 14.59 points lower on Friday, after a positive run on Thursday.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.06% to end at 23,673 points, after touching a high of 23,819 points.
“The market closed marginally negative in a dull session. Volumes dropped by 19% to 152 million shares. Index heavyweight OGDC and MCB which had been rallying for last few sessions saw some profit taking. National Bank witnessed a healthy volume of 10mn shares amid institutional support.” Said Samar Iqbal of Topline Securites.
Muslim Commercial Bank however witnessed a slowdown in core operations despite increasing profits. As a whole the banking sector has witnessed mixed results, as the Bank of Punjab saw a drop in share price.
“The KSE-100 index remained volatile oscillating between 23,820 and 23,623 points. In the end market closed down 15 points at 23,673 with 152 million shares being traded during the day. Amongst results, MCB posted earnings of Rs6.05, up 6% Quarter on Quarter in 2Q2013,” said Wasi Khan, analyst at JS Global Capital
Trade volumes fell to a level of 152 million shares compared with Thursday’s tally of 181 million shares.
Shares of 353 companies were traded on Thursday. At the end of the day 167 stocks closed higher, 147 declined while 39 remained unchanged. The value of shares traded during the day was Rs7.6 billion.
Bank of Punjab was the volume leader with 15 million shares losing Rs0.31 to finish at Rs13.69. It was followed by National Bank with 10 million shares gaining Rs0.57 to close at Rs58.06 and JS Investment with 7.9 shares losing Rs0.81 to close at Rs9.45.
Foreign institutional investors were net buyers of Rs816 million, according to data maintained by the National Clearing Company of Pakistan Limited., according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, August 17th, 2013.
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