The benchmark 100-share index at the Karachi Stock Exchange (KSE) fell 0.17 per cent, or 19.49 points, during trade on Thursday to close at the 11,135.34 level.
“Bearish activity continued ahead of the monetary policy announcement next week and investor concerns over political dissent over reformed general sales tax (RGST) approval,” commented Ahsan Mehanti, director at Arif Habib Investments Limited.
Shares of 392 companies were traded on Thursday. At the end of the day, 163 stocks closed higher, 209 declined and 20 remained unchanged. The value of shares traded during the day fell to Rs3.84 billion.
The number of shares traded fell to 86.15 million – down more than 40 per cent from Wednesday’s tally of almost 154 million shares.
“The market continued to depict volatile behaviour with the KSE-100 oscillating in the range of 11,229 and 11,109 points. The day started off with the market aiming for a new high in the present bull-run. However, selling pressure later in the day brought it back to its correction phase,” pointed out Arsalan Khan from JS Global Capital.
Lotte Pakistan PTA led the market with a trade volume of 10.5 million shares. The scrip climbed Rs0.08 to close at Rs11.92.
Arif Habib Corporation followed with 8.67 million shares traded during the day. The company’s stock ended at Rs26.49 per share, recording a gain of about 3.4 per cent.
Nishat Mills Limited was the third volume leader. “Nishat Mills remained in focus with local buying on higher earnings expectations going forward,” according to Sara Shahid from Elixir Securities.
“Off-market deals in consumer play Nestle stole the show with over 250,000 shares traded in this very illiquid name at over 25 per cent premium to market price,” added Shahid.
Published in The Express Tribune, November 26th, 2010.
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