Stocks fall 60 points amid profit-taking
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.57 per cent or 60.13 points lower at 10,538.27.
KARACHI:
Stocks closed down on the first day of the week amid thin trading volumes as investors opted to book profits at higher levels.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.57 per cent or 60.13 points lower at 10,538.27 on Monday.
Limited offshore interest and significant increase in petroleum prices led the resistance evident at higher levels and that triggered profit-taking in highly weighted stocks, said Crosby Securities analyst Ovais Iqbal.
The prices of petroleum products were increased up to Rs7 per litre on Sunday in the biggest single increase in recent years.
Selling was witnessed in oil, banks and other noticeable stocks, Iqbal added. Pakistan Oilfields closed down 1.3 per cent as investors booked gains after the announcement of financial results by the company on Friday.
National Bank of Pakistan dropped for the second consecutive day by 1.1 per cent on the back of a lower-than expected third quarter results. MCB Bank also fell 1.5 per cent with whispers of foreign selling.
Nishat Power Limited also bore the brunt of selling as it declined Rs0.96 to close at Rs14.18.
Moreover, trading volume plunged 22.5 per cent to 80.5 million shares - marking the end of the corporate result season - against 104 million shares traded on Friday.
Volatile trading is expected in coming days with International Monetary Fund (IMF) meetings, development on leverage product and more importantly foreign flows guiding market direction, said Elixir Securities equity dealer Nazim Abdul Muttalib.
Shares of 401 companies were traded on Monday. At the end of the day, 145 stocks closed higher, 248 declined and eight remained unchanged. The value of shares traded during the day was Rs1.98 billion.
Pak Start Fund was the volume leader with 7.51 million shares, as the book closure for redemption is due to begin on November 4 and investors look to cash in on the little arbitrage opportunity provided by the scrip, the analyst said. The stock rose Rs0.19 to close at Rs7.52.
It was followed by Amtex Limited with 4.88 million shares losing Re1 to close at Rs5.27 and Fatima Fertiliser with 3.95 million shares gaining Rs0.02 to close at Rs9.56.
Published in The Express Tribune, November 2nd, 2010.
Stocks closed down on the first day of the week amid thin trading volumes as investors opted to book profits at higher levels.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.57 per cent or 60.13 points lower at 10,538.27 on Monday.
Limited offshore interest and significant increase in petroleum prices led the resistance evident at higher levels and that triggered profit-taking in highly weighted stocks, said Crosby Securities analyst Ovais Iqbal.
The prices of petroleum products were increased up to Rs7 per litre on Sunday in the biggest single increase in recent years.
Selling was witnessed in oil, banks and other noticeable stocks, Iqbal added. Pakistan Oilfields closed down 1.3 per cent as investors booked gains after the announcement of financial results by the company on Friday.
National Bank of Pakistan dropped for the second consecutive day by 1.1 per cent on the back of a lower-than expected third quarter results. MCB Bank also fell 1.5 per cent with whispers of foreign selling.
Nishat Power Limited also bore the brunt of selling as it declined Rs0.96 to close at Rs14.18.
Moreover, trading volume plunged 22.5 per cent to 80.5 million shares - marking the end of the corporate result season - against 104 million shares traded on Friday.
Volatile trading is expected in coming days with International Monetary Fund (IMF) meetings, development on leverage product and more importantly foreign flows guiding market direction, said Elixir Securities equity dealer Nazim Abdul Muttalib.
Shares of 401 companies were traded on Monday. At the end of the day, 145 stocks closed higher, 248 declined and eight remained unchanged. The value of shares traded during the day was Rs1.98 billion.
Pak Start Fund was the volume leader with 7.51 million shares, as the book closure for redemption is due to begin on November 4 and investors look to cash in on the little arbitrage opportunity provided by the scrip, the analyst said. The stock rose Rs0.19 to close at Rs7.52.
It was followed by Amtex Limited with 4.88 million shares losing Re1 to close at Rs5.27 and Fatima Fertiliser with 3.95 million shares gaining Rs0.02 to close at Rs9.56.
Published in The Express Tribune, November 2nd, 2010.