Benchmark KSE-100 index falls 24.08 points. PHOTO: INP
KARACHI: Spooked by rumours, investors chose to remain on the sidelines as the index registered a fifth successive finish in the red. Support was witnessed in the auto sector with select names in bank and cements attracting attention. However, wider participation was limited as foreigners continued to sell.
At close on Wednesday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.07% or 24.08 points to end at 33,934.04.
Elixir Securities, in its report, said stocks opened gap down in early trade with index sliding by nearly 270 points as reports pertaining to client investigations by SECP spooked participants.
“However, as the enquiry was limited to a handful of accounts related to alleged price manipulative trades dating back to 2013, it somewhat eased off participants’ concern,” it said.
“Auto numbers brought fresh interest with notable names closing higher.
“Meanwhile, World Bank’s appreciative comments on country’s overall economic stability had a neutral impact on market.”
Trade volumes fell to 152 million shares compared with Tuesday’s tally of 205 million shares.
Shares of 352 companies were traded on Wednesday. At the end of the day, 152 stocks closed higher, 177 declined while 23 remained unchanged. The value of shares traded during the day was Rs6.76 billion.
Pace Pakistan Limited was the volume leader with 12.1 million shares, gaining Rs0.50 to finish at Rs8.21. It was followed by Sui Southern Gas Company with 11.2 million shares, gaining Rs0.76 to close at Rs40.22 and TRG Pakistan Limited with 10.3 million shares, losing Rs0.35 to close at Rs39.31.
Foreign institutional investors were net sellers of Rs237 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 12th, 2015.
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