Karachi stock index fluctuates wildly, closes 50 points down on late selling
Sunday, 27 September 2009
KARACHI: The Karachi stock market fluctuated heavily and closed in the negative zone on the last trading day of the week Friday as profit-taking was witnessed in an overbought market, specially in the energy sector, according to Daily Times.
The Karachi Stock Exchange (KSE) 100-share index lost 49.58 points or 0.51 per cent to close at 9,664.25 points as compared with the previous session's 9,713.83 points. The KSE 30-share index closed at 10,435.29 points with a loss of 42.49 points.
The KMI 30 index closed at 14,209.51 points with a decline of 57.14 points. Heavy volumes were traded during the session. Cement, telecommunication and fertilizer sectors remained in the limelight.
The market turnover went up by 14.82 per cent and traded 450.99 million shares as compared to previous session's 392.77 million shares. The overall market capitalisation was down by 0.39 per cent to close at Rs 2.795 trillion as against Rs 2.806 trillion. Out of total 410 companies, 231 closed in the positive zone, 164 in negative and 15 remained unchanged.
"Interest expressed by the developed world in assisting Pakistan on economic and social recovery, indicated by presence of world leaders in Friends of Democratic Pakistan conference, approval of new trust fund by US besides approving Kerry-Lugar bill and commitments by UK and Saudi Arabia infused confidence among the local participants," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.
"The bull run was however arrested early during the session mainly on account of sell-off in the heavily weighed sector, the oil and gas exploration." With whispers of foreign selling, the locals as expected either stayed on the back foot or turned much aggressive in selling.
"Fall in international oil prices by over 4.5 per cent, less than expected announcement by donors at FoDP summit and limited expectations of significant cut in discount rate in next week's monetary policy announcement played a catalyst role in the negative activity at the market, said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 100.39 points and at the end of the day closed at 9,664.25 with a loss of 49.58 points.
PAK PTA Ltd was the volume leader in the share market with 40.07 million shares as it closed at Rs 6.28 after opening at Rs 6.20, gaining eight paisas. DGK Cement traded 28.28 million shares as it closed at Rs 36.54 from its opening at 35.64, rising 90 paisas. Arif Habib Sec traded 28.08 million shares as it closed at Rs 42.93 as compared to its opening at Rs 41.72, increasing Rs 1.21. PTCL traded 21.46 million shares as it closed at Rs. 22.83 as against its opening at Rs 22.27, surging 56 paisas.
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Friday with an improvement in the volume. The LSE 25-share index lost 30.71 points to close at 3,030.86 points as against its opening at 3,061.57 points. The volume of the market remained at 39.02 million shares, which was 0.97 million shares more than Thursday's turnover of 38.05 million shares.
Millat Tractors was the major gainer and added Rs 17.49 to close at Rs 389 from its opening at Rs 365.51. Engro Chemical gained Rs 7.05 to close at Rs 185.16 after opening at Rs 178.11. Pakistan Oilfields lost Rs 8 to close at Rs 213.16 as compared to its opening at Rs 221.16. Habib Bank fell Rs 4.38 to close at Rs 127.55 as compared with its opening at Rs 131.93. Pakistan PTA with 5.45 million shares turnover was the volume leader and surged nine paisas to close at Rs 6.30 as against its opening at Rs 6.21.
The Karachi Stock Exchange (KSE) 100-share index lost 49.58 points or 0.51 per cent to close at 9,664.25 points as compared with the previous session's 9,713.83 points. The KSE 30-share index closed at 10,435.29 points with a loss of 42.49 points.
The KMI 30 index closed at 14,209.51 points with a decline of 57.14 points. Heavy volumes were traded during the session. Cement, telecommunication and fertilizer sectors remained in the limelight.
The market turnover went up by 14.82 per cent and traded 450.99 million shares as compared to previous session's 392.77 million shares. The overall market capitalisation was down by 0.39 per cent to close at Rs 2.795 trillion as against Rs 2.806 trillion. Out of total 410 companies, 231 closed in the positive zone, 164 in negative and 15 remained unchanged.
"Interest expressed by the developed world in assisting Pakistan on economic and social recovery, indicated by presence of world leaders in Friends of Democratic Pakistan conference, approval of new trust fund by US besides approving Kerry-Lugar bill and commitments by UK and Saudi Arabia infused confidence among the local participants," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.
"The bull run was however arrested early during the session mainly on account of sell-off in the heavily weighed sector, the oil and gas exploration." With whispers of foreign selling, the locals as expected either stayed on the back foot or turned much aggressive in selling.
"Fall in international oil prices by over 4.5 per cent, less than expected announcement by donors at FoDP summit and limited expectations of significant cut in discount rate in next week's monetary policy announcement played a catalyst role in the negative activity at the market, said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 100.39 points and at the end of the day closed at 9,664.25 with a loss of 49.58 points.
PAK PTA Ltd was the volume leader in the share market with 40.07 million shares as it closed at Rs 6.28 after opening at Rs 6.20, gaining eight paisas. DGK Cement traded 28.28 million shares as it closed at Rs 36.54 from its opening at 35.64, rising 90 paisas. Arif Habib Sec traded 28.08 million shares as it closed at Rs 42.93 as compared to its opening at Rs 41.72, increasing Rs 1.21. PTCL traded 21.46 million shares as it closed at Rs. 22.83 as against its opening at Rs 22.27, surging 56 paisas.
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Friday with an improvement in the volume. The LSE 25-share index lost 30.71 points to close at 3,030.86 points as against its opening at 3,061.57 points. The volume of the market remained at 39.02 million shares, which was 0.97 million shares more than Thursday's turnover of 38.05 million shares.
Millat Tractors was the major gainer and added Rs 17.49 to close at Rs 389 from its opening at Rs 365.51. Engro Chemical gained Rs 7.05 to close at Rs 185.16 after opening at Rs 178.11. Pakistan Oilfields lost Rs 8 to close at Rs 213.16 as compared to its opening at Rs 221.16. Habib Bank fell Rs 4.38 to close at Rs 127.55 as compared with its opening at Rs 131.93. Pakistan PTA with 5.45 million shares turnover was the volume leader and surged nine paisas to close at Rs 6.30 as against its opening at Rs 6.21.