The market started the week with bears on its mind and eventually ended in the red zone. The Karachi Stock Exchange (KSE) benchmark 100-share index recorded a drop of 1.24% or 418.61 points to end at 33,213.58.
Engro Corp (-3.3%) led the push in early trade and gained as the company announced approval of the regulatory body for concessionary gas pricing for its listed Engro Fertilisers (+0.4%)
However, the holding company tumbled along with the wider market to settle 5.8% below the day’s high.
“Investors that were betting on possible upside post-inflation reading were left dazed despite the Consumer Price Index beating estimates to hit an 11-year low of 3.24% year-on-year for February.”
JS Global analyst Fahad Ali said bears dominated the day. “After a positive opening, the benchmark KSE-100 index failed to maintain the momentum and saw panic selling by retail investors and institutions.”
“Engro Fertilisers remained in the limelight as Ogra approved the terms of agreement between Engro, Sui Northern Gas Pipelines and Mari Petroleum for the supply of gas at a concessionary rate of $0.7 per mmbtu to the company.”
Ali said that PSO declined 1.2% as the company announced a loss of Rs3.53 per share for 2QFY15, largely due to inventory losses incurred by the company during the quarter.
Trade volumes fell to 159 million shares compared to 208 million on Friday.
Shares of 373 companies were traded. Of these, 304 declined, 54 closed higher and 15 remained unchanged. The value of shares traded during the day was Rs10.3 billion.
Pak Elektron was the volume leader with 10.7 million shares, losing Rs1.25 to close at Rs59.25.
It was followed by Pakistan International Bulk Terminal with 9.9 million shares, losing Rs1.23 to close at Rs33.16 and Jahangir Siddiqui and Company with 9.1 million shares, losing Rs0.87 to close at Rs20.25.
Foreign institutional investors were net buyers of Rs409 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
