The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.31% or 90.88 points to end at 29,528.96.
Elixir Securities analyst Faisal Bilwani said equities traded with dismal turnover.
“Pakistan Telecom (PTC) +.5% witnessed a sharp increase in volumes after a dull start as exchange placed a five-million shares bid on system at a price higher by 15%.”
“Eventually no shares traded in square-up market while stock in regular market closed marginally positive.
“Small caps led volumes on retail participation while Fauji Fertilizer (FFC) +.2% closed little changed and traded healthy volumes on reported institutional crosses.”
Meanwhile, JS Global analyst Ovais Ahsan said the major decliners of the day were Hub Power - 0.8% and Packages - 2.6% as profit-taking was witnessed across the board.
“Engro Corporation +1.5% swam across the tide registering gains on news that the first LNG consignment will be received in December which should see the companies LNG terminal project go live.
“Lotte Chemicals +4.7% led volumes as earnings outlook for the PTA maker is expected to improve slightly on the government’s decision to increase protective customs duty on PTA to 4% from 3%. The market is expected to remain range bound towards the mid of the month after which result season hype will bring back higher trading volumes.”
Trade volumes remained steady at 77 million.
Shares of 311 companies were traded on Monday. At the end of the day, 84 stocks closed higher, 191 declined while 36 remained unchanged. The value of shares traded during the day was Rs3.2 billion.
Lotte Chemical was the volume leader with 11.2 million shares, gaining Rs0.33 to finish at Rs7.41. It was followed by Fauji Cement with 7 million shares, declining Rs0.08 to close at Rs19.52 and Lafarge Pakistan Limited with 4.4 million shares, declining Rs0.14 to close at Rs16.04.
Foreign institutional investors were net buyers of Rs437 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, July 8th, 2014.
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