Trade volumes fell to a paltry 132 million shares compared with Friday’s tally of 208 million shares. PHOTO: INP
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.12% or 36.59 points to end at 29,472.52
Elixir Securities analyst Harris Ahmed Batla said that political stability over the weekend with the release of the MQM leader strengthened investors’ confidence as market players ignored unstable law and order situation in the city, opening the benchmark index in the black.
“However, earlier gains were wiped out towards the latter half of Monday as investors took a cautious approach,” said Batla.
“Mari Gas (MARI PA +5%) closed upper price limit following morning news of oil discovery in Punjab district with Pakistan Petroleum Limited PPL PA +2.16%, holding 30% stake in the field.
“Major mood spoilers for the day were index heavy (MCB Bank MCB PA -1.65%) and Oil and Gas Development Company (OGDC PA -0.81%) sliding down on reported institutional selling,” said Batla.
“Engro Fertilizers (EFERT PA +0.73%) that had become a victim of foreign selling in recent past gathered traders interest at lows along with mid tier stocks that remained dominant over volume charts.
“Expect market to trade choppy in between 29,100-30,000 levels in absence of any significant news flow, while punters will continue to churn volumes taking guidance from foreign activity,” concluded Batla.
Trade volumes fell to a paltry 132 million shares compared with Friday’s tally of 208 million shares.
Shares of 350 companies were traded on the first trading session of the week. At the end of the day, 132 stocks closed higher, 196 declined while 22 remained unchanged. The value of shares traded during the day was Rs8.1 billion.
Hascol Petroleum Limited was the volume leader with 8.3 million shares, gaining Rs3.03 to finish at Rs78.33. It was followed by Fauji Cement Company Limited with 8.1 million shares, losing Rs0.20 to close at Rs20.33 and K-Electric Limited with 5.6 million shares, declining Rs0.10 to close at Rs8.27.
Foreign institutional investors were net buyers of Rs328 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 10th, 2014.
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