21:41
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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index dropped another nine points on Wednesday on selling in a few banking and fertiliser stocks ahead of Muharram, said dealers.
“The KSE remained depressed due to ranged-bound activity amid low volumes ahead of the religious month of Muharram,” said Zafar Moti, a member of the KSE. “Investors remained cautions due to worsening law and situation that may persist during the month starting from November 17.”
The KSE-100 index fell by 9.20 points, or 0.06 percent, to 16,120.52 points. In the previous two sessions, it lost around 114 points.Earlier during the session, the index moved on both sides of the fence by 91.24 points, making the intraday high of 16,174.08 points and the low of 16,082.84 points.
The KSE-30 index receded by 7.74 points, or 0.06 percent, to 13,173.46 points in the session.Moti said that institutions were seen offloading a part of their holdings to book capital gains at the available margins. “The market may face further selling if the law and order situation worsened during Muharram.”
MCB Bank, which remained subject to battering, led the bearish rally with contributing 14 points in the total fall of the index. The stock closed at Rs183.94 with a loss of Rs2.16 on a turnover of 254,900 shares.
Other stocks that supported the downward drive included Engro Corporation, Fauji Fertilizer Bin Qasim-XD, National Bank of Pakistan and Bata (Pak) Limited.However, renewed buying in blue-chip Oil and Gas Development Company strongly resisted a larger fall in the index, as it alone drove the index up by 21 points and closed at Rs188.71 with an increase of Rs1.88 on a turnover of 857,900 shares. Cherat Cement-XD, Bank Al-Habib and Pakistan Oilfields Limited also resisted the larger fall.
Maple Leaf Cement was the volume leader with a turnover of 20.19 million shares as it closed at Rs11.34 with one-day maximum allowed increase of Re1 followed by DG Khan Cement with a turnover of 15.06 million shares as it closed at Rs53.03 with a gain of 26 paisas.
Jahangir Siddiqui and Company closed at Rs16.55 with a surge of 10 paisas on a turnover of 11.33 million shares.Shares turnover declined to 143.54 million from 156.97 million shares traded in the previous session. The turnover in the futures market increased to 12.58 million shares from 7.46 million shares traded a day earlier.
Market capitalisation improved by Rs4 billion to Rs4,027 billion. As many as 318 companies shares were traded, of which 152 advancfored, 136 declined and 30 remained unchanged.Samar Iqbal, an equity dealer at Topline Securities, said that range-bound activities were seen at the KSE. Cement stocks, however, remained in the limelight on the news that the prices of cement will remain firm in the next few weeks.
“The KSE remained depressed due to ranged-bound activity amid low volumes ahead of the religious month of Muharram,” said Zafar Moti, a member of the KSE. “Investors remained cautions due to worsening law and situation that may persist during the month starting from November 17.”
The KSE-100 index fell by 9.20 points, or 0.06 percent, to 16,120.52 points. In the previous two sessions, it lost around 114 points.Earlier during the session, the index moved on both sides of the fence by 91.24 points, making the intraday high of 16,174.08 points and the low of 16,082.84 points.
The KSE-30 index receded by 7.74 points, or 0.06 percent, to 13,173.46 points in the session.Moti said that institutions were seen offloading a part of their holdings to book capital gains at the available margins. “The market may face further selling if the law and order situation worsened during Muharram.”
MCB Bank, which remained subject to battering, led the bearish rally with contributing 14 points in the total fall of the index. The stock closed at Rs183.94 with a loss of Rs2.16 on a turnover of 254,900 shares.
Other stocks that supported the downward drive included Engro Corporation, Fauji Fertilizer Bin Qasim-XD, National Bank of Pakistan and Bata (Pak) Limited.However, renewed buying in blue-chip Oil and Gas Development Company strongly resisted a larger fall in the index, as it alone drove the index up by 21 points and closed at Rs188.71 with an increase of Rs1.88 on a turnover of 857,900 shares. Cherat Cement-XD, Bank Al-Habib and Pakistan Oilfields Limited also resisted the larger fall.
Maple Leaf Cement was the volume leader with a turnover of 20.19 million shares as it closed at Rs11.34 with one-day maximum allowed increase of Re1 followed by DG Khan Cement with a turnover of 15.06 million shares as it closed at Rs53.03 with a gain of 26 paisas.
Jahangir Siddiqui and Company closed at Rs16.55 with a surge of 10 paisas on a turnover of 11.33 million shares.Shares turnover declined to 143.54 million from 156.97 million shares traded in the previous session. The turnover in the futures market increased to 12.58 million shares from 7.46 million shares traded a day earlier.
Market capitalisation improved by Rs4 billion to Rs4,027 billion. As many as 318 companies shares were traded, of which 152 advancfored, 136 declined and 30 remained unchanged.Samar Iqbal, an equity dealer at Topline Securities, said that range-bound activities were seen at the KSE. Cement stocks, however, remained in the limelight on the news that the prices of cement will remain firm in the next few weeks.
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