The Stock market remained a trifle bearish with thin turnover as institutional-led selling pulled the benchmark index to settle near 33,800 points.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended the day’s trading with a fall of 0.43% or 146.76 points at 33,796.44.
Elixir Securities analyst Faisal Bilwani said that the market opened positive with gains in oil stocks as OGDC went up 1.5%, Pakistan Oilfields rose 1.4% and Pakistan Petroleum gained 1.3%. However, selling in cement shares primarily on rumours related to the expansion plans and rights issue ahead of DG Khan Cement’s first-half earnings announcement halted recovery.
“DG Khan Cement (-2.2%) and Lucky Cement (-2.1%) were the major losers but Fauji Cement (+0.4%) closed positive after announcing a better-than-expected cash payout and earnings that grew 60% quarter-on-quarter,” said Bilwani.
“Engro Corp (-4.8%) had another rough day with the stock nearing the lower price limit on reported local selling ahead of 2014 earnings that is now scheduled for February 18 – moved ahead by a day.”
Trade volumes fell to 177 million shares compared to 249 million on Friday.
Shares of 347 companies were traded. Of these, 201 declined, 122 closed higher and 24 remained unchanged. The value of shares traded during the day was Rs9.99 billion.
Pakistan International Airlines was the volume leader with 17.9 million shares, losing Rs0.03 to close at Rs9.26. It was followed by Fauji Cement with 16.2 million shares, gaining Rs0.36 to close at Rs31.68 and Jahangir Siddiqui and Company with 15.8 million shares, losing Rs0.93 to close at Rs22.39.
Foreign institutional investors were net buyers of Rs599 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
