The Karachi Stock Exchange benchmark 100-share index ended 0.31 per cent or 34.75 points lower, in line with regional markets, at 11,171.09.
Oil stocks featured among top losers as investors booked quick gains with Oil and Gas Development Company (OGDC) leading the decline, said JS Global Capital analyst Jawad Khan. OGDC, the index heavyweight, declined by 1.6 per cent to close at Rs163.53
Pakistan State Oil also shed value on fears of more shares coming into the market, which was abuzz with rumours that the issue of stocks blocked in some mutual funds has been settled, added Khan.
Trade volumes increased to 154.97 million shares compared with Monday’s tally of 113.32 million shares.
On the contrary, Nishat Mills remained a highly sought-after stock, advancing 4.1 per cent as cotton prices eased to Rs8,300 per maund. The market is expected to remain volatile with banking stocks expected to attract attention going forward, according to Elixir Securities equity dealer Faisal Bilwani.
At the end of the day, 203 stocks closed higher, 171 declined and 23 remained unchanged. The value of shares traded during the day was Rs7.42 billion.
Jahangir Siddiqui and Company was the volume leader with 20.6 million shares gaining 6.6 per cent to finish at Rs13.8 on talk of foreign interest.
It was followed by Lotte Pakistan PTA with 16.58 million shares losing Rs0.04 to close at Rs11.84 and Nishat Mills with 16.35 million shares firming Rs2.25 to close at Rs57.83.
Published in The Express Tribune, November 24th, 2010.
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