Stock market volume falls to two-month low
15 March, 2013
KARACHI: Stocks closed lower amid thin trade as investors awaited announcements on new interim government set-up. Consolidation continued in blue chip stocks post major earning announcements at Karachi Stock Exchange.
KARACHI: Stocks closed lower amid thin trade as investors awaited announcements on new interim government set-up. Consolidation continued in blue chip stocks post major earning announcements at Karachi Stock Exchange. Activity remained mainly in second and third tier stocks and the index moved in narrow range during the trading session.
At local equity market, the benchmark KSE 100-share index shed 19.75 points or 0.11 per cent to stop the day at 17740.69 points compared to 17760.44 points. An analyst said easing circular debt concerns in energy sector after NEPRA approval for raise in power tariff and economic recovery on fall in trade deficit by 10pc between July-Feb 2013 affected the sentiments.
KSE allshare-index went down by 39.78 points or 0.32 percent to end the day at 12470.22 points, KSE 30-share index decreased by 37.01 points or 0.26 per cent to conclude the day at 14287.91 points while KMI 30-share index shed 94.44 points or 0.31 percent to finish the day at 30735.76 levels.
Market traded 128.023 million shares after opening at 180.011 million shares and the value of traded shares reduced to Rs 3.349 billion from Rs 8.144 billion. The capitalization of equity market stayed at Rs 4.379 trillion compared to Rs 4.400 trillion of a day earlier.
Lack of triggers kept investors at bay from local bourse. Volumes sharply dropped to 2 months low with Telecard, MLCF remained the most active scrips. Further, no clarity on gas price of Engro Corp forced investors to trim their positions in the stock, dealer observed.
Trading took place in 323 companies where gainers outnumbered the gainers by 166 to 132, while the value of 25 stocks remained intact. Nestle Pakistan Limited was the biggest loser of the day, decreased by Rs 250 to Rs 5000, followed by Dreamworld, off by Rs 17.18 to Rs 362.61. Sapphire Textile XD and Sapphire Fiber XD were the biggest price gainers of the day, up by Rs 10.96 to Rs 230.21 and Rs 8.42 to Rs 180.25 respectively.
Telecard Limited was the volume leader of the day with 12.485 million shares, up by Re 0.37 to Rs 6.33. Maple Leaf Cement was on the second position with 11.166 million shares, up by Re 0.35 to Rs 17.31.
It was followed by Dewan Motors with 9.352 million, TRG Pakistan Limited with 9.296 million, Engro Corporation with 7.912 million, PIAC (A) with 7.105 million, Dewan Salman with 7.100 million, JS Company with 6.395 million, P.T.C.L.A with 6.174 million and Lafarge Pakistan with 3.173 million shares respectively.