Benchmark KSE-100 index falls 37.99 points. PHOTO: AFP/FILE
Profit taking was witnessed in the fertiliser sector, however, financials helped the market move upwards. Global market developments also did not help sustain the index, with oil and gas shares tumbling amid international pressure.
At close on Thursday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.11% or 37.99 points.
Elixir Securities analyst Faisal Bilwani said equities closed marginally negative after volatile trading and thin volumes. “Stocks opened gap down tracking regional markets while lower crude pulled index heavy oil stocks in red,” said Bilwani. “Activity in the wider market remained dull throughout the day as investors continue to hunt for triggers, however, release of auto numbers brought some excitement to the sector.
“Financials, on the other hand, attracted attention with reports of institutional buying helping stocks to trade against market direction; Habib Bank (HBL ,+2.27%) and United Bank (UBL, +1.23%) closed the day in green.”
JS global analyst Ahmed Saeed Khan said volatility prevailed in Thursday’s session. “Market remained around -200 points all day with the exception of the last hour and a half where the market recovered to close -0.1%,” said Khan.
“Major negativity in the market came in from the fertiliser sector, following the news of government urging farmers to shift crop from wheat to other crops.
“Primary laggards of the sector were Fauji Fertilizer Bin Qasim (-0.47%) and Engro (-1.34%).
“As international crude oil prices remained under pressure, oil and gas sector remained in the negative territory with Attock Refinery Limited (-1.33%), National Refinery Limited (-2.13%) and Pakistan State Oil (-1.92%) clocking in as major decliners, said Khan.
Trade volumes fell to 170 million shares compared with Wednesday’s tally of 195 million shares.
Shares of 370 companies were traded on Thursday. At the end of the day, 137 stocks closed higher, 213 declined while 20 remained unchanged. The value of shares traded during the day was Rs7 billion.
Descon Chemical was the volume leader with 17.8 million shares, gaining Rs0.63 to finish at Rs7.43. It was followed by Dewan Cement with 12.6 million shares, losing Rs0.14 to close at Rs17.92 and TRG Pakistan Limited (ex-rights issue) with 9 million shares, losing Rs0.09 to close at Rs34.14.
Foreign institutional investors were net buyers of Rs53 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 11th, 2015.
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