KSE 100-share index sheds 46 points
Thursday, 17 September 2009
KARACHI, Sept 16 : The Karachi stock market witnessed selling activities Tuesday as foreign investors preferred to book profits.
The Karachi Stock Exchange (KSE) 100-share index declined by 45.81 points or 0.50 per cent to close at 9,029.45 points as compared to previous session's 9,075.26 points. The KSE 30-share index closed at 9,611.86 points with a loss of 64.29 points. The KMI 30 index closed at 13,256.40 with a decrease of 138.85 points.
Analysts said the market opened on a positive note but closed eventually on a negative one. Despite prevalence of bearish sentiments, discovery of Hydrocarbon in Dakhni by Oil and Gas Development Company Limited supported the market at the end of the session.
The market turnover went up by 1.73 per cent and traded 147 million shares as compared with previous session's 144.49 million shares. The overall market capitalisation was down by 0.45 per cent to close at Rs 2.626 trillion as against Rs 2.638 trillion. Out of total 356 companies, 143 closed in the positive zone, 192 in negative and 21 remained unchanged.
"The main board stocks witnessed offloading and oil and gas exploration sector led the bearish rally," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali. "Declining trend in international oil prices became an excuse, wherein stocks trading at high multiples faced immense selling."
Announcement of discovery by OGDCL boosted investor sentiment and the index heavy weight staged a massive recovery on hopes of more discoveries to follow that might reduce the trading multiples of the company without reducing the share price.
Absence of ready board leverage was felt even when the bull run led by index heavy weights was initiated making price inflation a common feature, and as expected and warned selling in these conditions proved to be a tough task and price erosion did surface leading to extreme movement, mainly in the over priced large cap stocks, he said.
"Fall in international oil prices, concerns regarding circular debt issue resolution, uncertainty in global equity markets and limited expectation of significant cut in discount rates were the main reasons for the negative closure," said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 8.77 points and at the end of the day closed at 9,029.45 points with a loss of 45.81 points. Bank of Punjab was the volume leader in the share market with 16.38 million shares as it closed at Rs 14.90 after opening at Rs 14.16, gaining 74 paisas.
ISLAMABAD: The Islamabad stock market closed in the negative territory on Tuesday as the ISE 10-share index dropped by 9.03 points to close at 2,234.15 points from its previous level of 2,243.18 points. Of the total 148 participant companies, 63 climbed upward and 85 turned negative. However, total turnover increased to 1.479 million shares from 1.058 million shares at the opening of the day, showing a total increase of 0.421 million shares. Siemens Engineering was the top gainer as its share value shot up by Rs 23 to close at Rs 1,229 after opening at Rs 1,206. Sanofi Aventis Pakistan was the second major gainer as its share value increased by Rs 5.63 to close at Rs 178 as against its opening at Rs 172.37. Unilever Pakistan was the major loser of the day as its share price declined by Rs 42.55 to close at Rs 2,251 as compared to its previous level of Rs 2,294. In terms of volume Bank of Punjab was on top with 0.645 million shares. OGDCL remained second with 0.173 million shares.
LAHORE: The Lahore Stock Exchange (LSE) remained range-bound with a decline in the volume on Tuesday. The LSE 25-share index lost 6.87 points to close 2,848.41 points as against its opening at 2,855.28 points.
The Karachi Stock Exchange (KSE) 100-share index declined by 45.81 points or 0.50 per cent to close at 9,029.45 points as compared to previous session's 9,075.26 points. The KSE 30-share index closed at 9,611.86 points with a loss of 64.29 points. The KMI 30 index closed at 13,256.40 with a decrease of 138.85 points.
Analysts said the market opened on a positive note but closed eventually on a negative one. Despite prevalence of bearish sentiments, discovery of Hydrocarbon in Dakhni by Oil and Gas Development Company Limited supported the market at the end of the session.
The market turnover went up by 1.73 per cent and traded 147 million shares as compared with previous session's 144.49 million shares. The overall market capitalisation was down by 0.45 per cent to close at Rs 2.626 trillion as against Rs 2.638 trillion. Out of total 356 companies, 143 closed in the positive zone, 192 in negative and 21 remained unchanged.
"The main board stocks witnessed offloading and oil and gas exploration sector led the bearish rally," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali. "Declining trend in international oil prices became an excuse, wherein stocks trading at high multiples faced immense selling."
Announcement of discovery by OGDCL boosted investor sentiment and the index heavy weight staged a massive recovery on hopes of more discoveries to follow that might reduce the trading multiples of the company without reducing the share price.
Absence of ready board leverage was felt even when the bull run led by index heavy weights was initiated making price inflation a common feature, and as expected and warned selling in these conditions proved to be a tough task and price erosion did surface leading to extreme movement, mainly in the over priced large cap stocks, he said.
"Fall in international oil prices, concerns regarding circular debt issue resolution, uncertainty in global equity markets and limited expectation of significant cut in discount rates were the main reasons for the negative closure," said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 8.77 points and at the end of the day closed at 9,029.45 points with a loss of 45.81 points. Bank of Punjab was the volume leader in the share market with 16.38 million shares as it closed at Rs 14.90 after opening at Rs 14.16, gaining 74 paisas.
ISLAMABAD: The Islamabad stock market closed in the negative territory on Tuesday as the ISE 10-share index dropped by 9.03 points to close at 2,234.15 points from its previous level of 2,243.18 points. Of the total 148 participant companies, 63 climbed upward and 85 turned negative. However, total turnover increased to 1.479 million shares from 1.058 million shares at the opening of the day, showing a total increase of 0.421 million shares. Siemens Engineering was the top gainer as its share value shot up by Rs 23 to close at Rs 1,229 after opening at Rs 1,206. Sanofi Aventis Pakistan was the second major gainer as its share value increased by Rs 5.63 to close at Rs 178 as against its opening at Rs 172.37. Unilever Pakistan was the major loser of the day as its share price declined by Rs 42.55 to close at Rs 2,251 as compared to its previous level of Rs 2,294. In terms of volume Bank of Punjab was on top with 0.645 million shares. OGDCL remained second with 0.173 million shares.
LAHORE: The Lahore Stock Exchange (LSE) remained range-bound with a decline in the volume on Tuesday. The LSE 25-share index lost 6.87 points to close 2,848.41 points as against its opening at 2,855.28 points.