KARACHI: The stock market fell slightly at the start of the new week, shedding off the excitement of the previous week. Investors continued to cherry-pick based on financial results announced as the previous widespread euphoria subsided.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.41% or 32.39 points to end at 22,353.20 points.
“With volumes relatively subdued and locals still being picky, today wasn’t a very exciting start to the week,” said Fareesa Baig of Elixir Securities.
“Keeping the index from dipping further was Pakistan State Oil (PSO PA +3.8%) that posted better than expected earnings announcement for the first quarter. Financials traded volatile with National Bank (NBP PA –3.9%) leading volumes charts on interest at lows after recent disappointing earnings announcement. Textiles seemed relatively upbeat with Nishat Mills (NML PA +1.6%) gaining strength over earning expectations and developments over the Generalized System of Preferences (GSP) plus, with Germany assuring support for the latter,” Baig added.
“Caution prevailed ahead of the IMF review which decides on release of the second instalment under the Extended Fund Facility,” said Ovais Ahsan of JS Global Securities.
“All was not gloomy for the day as PSO (+3.8%) gained after announcing a consensus beating result as the oil marketing company booked Rs10bn of interest accruing from receivable from the power sector companies. Nishat Mills (+1.6%) gained on news flow that Pakistan will be granted “GSP Plus 2 status soon which will increase market share for local textile units.”
Trade volumes rose to 158 million shares compared with Friday’s tally of 121 million shares.
Shares of 277 companies were traded on Monday. At the end of the day 97 stocks closed higher, 160 declined while 20 remained unchanged. The value of shares traded during the day was Rs3.6 billion.
Wateen Telecom was the volume leader with 76 million shares staying stable at Rs4.5. It was followed by National Bank of Pakistan with 9.2 million shares losing Rs1.93 to close at Rs47.87 and Jahangir Siddiqui and Company with 8.7 million shares losing Rs0.79 to close at Rs8.44.
Foreign institutional investors were net buyers of Rs646 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 29th, 2013.
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