Trade volumes fell slightly to 248 million shares compared with Wednesday’s tally of 259 million shares. PHOTO: PPI/FILE
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.12% or 35.05 points to end at 29,417.20.
“Engro Corporation (ENGRO PA -2.45%) succumbed to pressure as foreign selling persisted,” said Naveen Yaseen from Elixir Securities.
“Pakistan State Oil (PSO PA +1.06%) witnessed a volatile session with upward momentum wiped out by locals offloading their positions.
“United Bank UBL (PA -5%) closed at its respective lower limit over institutional selling while government’s plans to divest its stake entered the final phase with book closure dates announced from June 5 to June 9.
“Lafarge Cement LPCL PA -0.48% continued to churn volumes upon speculations of its bid price in the upcoming acquisition which is likely to impact cement sector’s existing price arrangement.
“We anticipate the market to gain support at current levels with foreign institutional investors bringing in excitement while interest in index heavy names to the likes of PSO, POL and MCB continue to drive broader market sentiment,” Yaseen said.
Meanwhile, Fahad M Ali of JS Global said the oil and gas sector led from the front with Mari gas hitting its upper lock following the proposal to change the stance in the pricing mechanism from cost-plus-fixed return to market oriented pricing formula.
“Lucky Cement closed in the red after a decline in the export numbers, despite the decent domestic numbers, mixed sentiment was witnessed in the cement sector,” said Ali.
Trade volumes fell slightly to 248 million shares compared with Wednesday’s tally of 259 million shares.
Shares of 367 companies were traded on Thursday. At the end of the day, 153 stocks closed higher, 193 declined while 21 remained unchanged. The value of shares traded during the day was Rs13.5 billion.
Lafarge Pakistan was the volume leader with 41.8 million shares, losing Rs0.07 to finish at Rs14.66. It was followed by K-Electric with 17.4 million shares, losing Rs0.32 to close at Rs8.14 and Kohinoor Spinning with 11.3 million shares, gaining Rs0.94 to close at Rs19.15.
Foreign institutional investors were net sellers of Rs257million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 6th, 2014.
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