KARACHI: Correction continued to be witnessed in the form of profit-taking and foreign selling as the index continued its ride in the red for the second successive session.
Interest remained subdued as foreign selling increased on Thursday.
At close on Thursday, the benchmark Karachi Stock Exchange (KSE)-100 index fell 181.70 points or 0.51% to close at 35,147.13.
Elixir Securities analyst Faisal Bilwani said equities ended the day negative after a volatile session that tested nerves as stocks swung between red and black.
“Profit taking in index names and anxiety over reported foreign selling kept chances of any rebound slim,” said Bilwani. “Cements further corrected while banks were mixed on a day where direction was primarily driven by flows.” Topline Securities analyst said fear of foreign selling ihurt investor sentiment.
“Traded volume decreased by 10% to 364 million shares, while traded value declined by 15% to Rs14.6 billion or $143 million.
“Lucky Cement, UBL and Engro declined 3.21%, 1.79% and 1.09%, respectively, contributing 78 points to the index fall.”
Shares of 372 companies were traded on Thursday. Of these, 168 companies closed higher, 180 fell and 24 remained unchanged.
Trading volumes decreased to 364 million compared to 405 million on Wednesday.
Jahangir Siddiqui and Company was the volume leader with 28.6 million shares losing Rs0.16 to close at Rs30.86. It was followed by TRG Pakistan Limited with 23.8 million shares, gaining Rs0.97 to close at Rs38.81 and Pakistan International Bulk Terminal with 22 million shares, losing Rs1.63 to close at Rs40.47.
Foreign institutional investors were net sellers of Rs1.8 billion worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, July 10th, 2015.
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