The value of shares traded during the day was Rs5.5 billion. PHOTO: ONLINE/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.20% or 50.94 points to end at 25,366.69 points.
Fareesa Baig of Elixir Securities said that investors chose to be reluctant and stayed on the sidelines as the bourse experienced a slow start. “Pakistan equities started the day on a rather dull note, trading sideways before drifting away due to low activity in index” said Baig. Commenting on company performance, she added, “Oil stocks, Oil and Gas Development (-0.7%) and Pakistan Petroleum (+0.3) traded lacklustre with unimpressive volumes, despite the news of up-gradation of their recoverable oil reserves by Pakistan Petroleum Information Service.”
Financials remained volatile and saw continued selling pressure after the decline in weekly inflation numbers with some of the major players such as MCB Bank ( -0.96%), United Bank ( -0.7%) and Bank Al-falah (-1%) closing in the red, Baig added.
“Cement seemed upbeat and gained strength over continued excitement over the recent price increase,” stated Baig. “Lucky Cement (+1.4%) inched up while small and mid cap names the likes of Fauji Cement (+3.4%), Maple Leaf (+1.47%) and Lafarge Cement (+1.9%) were among the most traded during the day,” she added.
JS Global Capital analyst Fahad Ali observed that “accumulation was seen in stocks like Engro, Engro Foods Limited, Fauji Cement Company Limited (FCCL) and DG Khan Cement.”
Commenting on the domination of the cement companies on the bourse Ali said “FCCL led the index with a total volume of 31 million shares.”
Trade volumes fell to 146 million shares compared with Monday’s tally of 195 million shares.
Shares of 348 companies were traded on the last trading session of the week. At the end of the day 176 stocks closed higher, 141 declined while 31 remained unchanged. The value of shares traded during the day was Rs5.5 billion.
Fauji Cement was the volume leader with 31 million shares gaining Rs0.50 to finish at Rs15.20. It was followed by Pakgen Power with 7.9 million shares gaining Rs0.40 to close at Rs21.44 and Pakistan Telecommunication Corporation Limited with 7.9 million shares declining Rs0.04 to close at Rs31.28.
Foreign institutional investors were gross buyers of Rs493 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 25th, 2013.
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