KARACHI: The stock market continued previous week’s slump, moving further down as investors chose to play safe. Total turnover was 30% less than last week’s average, according to Elixir Securities.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.48% or 390.24 points to end at 26,003.89.
“Illiquid second-tier consumer and peripheries are to be blamed for [yesterday’s] slump, while index heavy oils closed marginally negative, indicating support in value plays at lows particularly in energy space,” said Faisal Bilwani of Elixir Securites.
“Engro Corp (PA -3.06%) traded red as the market continued to debate if the specie dividend announced before the weekend was any good given the parent company’s valuations,” Bilwani adds.
Ovais Ahsan of JS Global said MCB Bank and Engro Corp were the major decliners.
“MCB Bank (-1.17%) and Engro Corp (-3%) were the major decliners for the day,” Ahsan said.
“Corporate announcements took a backseat as geo politics and the security situation became the overwhelming concern for participants.”
Trade volumes fell sharply to 174 million shares compared with Friday’s tally of 202 million shares.
Shares of 384 companies were traded on Monday. At the end of the day, 45 stocks closed higher, 330 declined while 9 remained unchanged. The value of shares traded during the day was Rs6.1 billion.
Jahangir Siddiqui and Company was the volume leader with 9.967 million shares, losing Rs0.59 to finish at Rs12.1. It was followed by Bank of Punjab (R) with 9.961 million shares, losing Rs0.24 to close at Rs1.77 and Byco Petroleum with 8.988 million shares, losing Rs0.24 to close at Rs10.39.
Foreign institutional investors were net buyers of Rs95 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, February 18th, 2014.
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