Market watch: Stock market dips on low volumes

Benchmark KSE-100 index falls 436.17 points.


Our Correspondent September 02, 2013
Trade volumes fell to 180 million shares compared with Friday’s tally of 185 million shares. PHOTO: FILE

KARACHI: The stock was bearish on Monday, dipping within minutes of the market opening as investors sold their shares.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.97% or 436.17 points to end at 21,724.68 points.

“The bearish trend was evident as selling was witnessed across the board. The banking sector was among the key losers with companies like MCB (-3.9%), NBP (-1.8%) and BOP (-5.9%) getting battered the most. Energy and Petroleum sector companies were also down despite the recent run-up in international oil prices.” Said Adeel Jafri of JSGlobal. Jafri added that “PTCL showed some resistance after news of the Supreme Court ordering the appointment of chairman and other members for Pakistan Telecommunication Authority (PTA) in the next fifteen days before proceeding with the 3G auction.”

“Pakistan equities witnessed a disappointing start to the week, plunging more than 400 points and managing to hit a recent all-time low at 21,678 points as confidence remains weak despite rebound in regional markets,” said Fareesa Baig of Elixir Securities. “CPI inflation numbers clocked in slightly above estimates at 8.55% but had no significant impact on broader market sentiments, while investors continue to look forward to the upcoming monetary policy announcement,” she added,

Trade volumes fell to 180 million shares compared with Friday’s tally of 185 million shares.

Shares of 358 companies were traded on Friday. At the end of the day 45 stocks closed higher, 276 declined while 37 remained unchanged. The value of shares traded during the day was Rs5.7 billion.

Bank of Punjab was the volume leader with 21 million shares losing Rs0.75 to finish at Rs11.88. It was followed by Fauji Cement with 15 million shares losing Rs0.29 to close at Rs13.02 and PTCL with 15 million shares losing Rs0.02 to close at Rs23.30.

Foreign institutional investors were net buyers of Rs131 million, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, September 3rd,  2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ