KSE lacks lustre

RECORDER REPORT

KARACHI: Karachi Stock Exchange (KSE) Monday witnessed a dull session as investors remained on the sidelines with Eid holidays around the corner. The KSE-100 Index lost 175.61 points to close at 21,599.78 against 21,775.39 Friday. The index touched 21,815 highest and 21,596 lowest levels during the intra-day trading. Market capitalisation experienced negative trend and stood at Rs5.154 trillion against Rs5.195 trillion. The trading side closed at 61.977m shares from 92.542m shares.

Commenting on the market performance, analysts said the trading activity at the local bourse remained lacklustre with Eid holidays just around the corner. Investors preferred to stay on the sidelines, though some interest was witnessed in specific banking and fertilizer stocks on the basis of year-end results.

Overall, they said the benchmark KSE-100 index closed down by 176 points (-0.8 percent) at 21,599 level. Lack of interest ahead of the holidays is validated by the dismally low volumes of 62mn shares.

After holidays, stocks to favour are PTC on the basis of strong earnings growth and NBP on the basis of attractive dividend yield. Fertilizer sector also warrants attention given that the sector has been a laggard recently, they added.

On the first trading day of the week, some 107 scrips gained while 176 companies lost their worth. Only 27 shares remained unchanged out of total 310 active stocks.

Two top gainers for the day were Indus Dyeing, which climbed by Rs19.07 to Rs969.07 and Siemens Pakistan, which shot up by Rs15 to Rs905. The top losers were Wyeth Pak, which fell by Rs50 to Rs4200 and Millat Tractors XDXB, which shed Rs17.55 to Rs433.73.

Of the Top 10 volume leaders, Sui South Gas led the tally with 11m shares and closed at Rs25.55 with an addition of 48 paisa. Pak Elektron (R) lost 63 paisa to Rs2.30 on 3m shares; and Fauji Cement XD lost one paisa to close at Rs10.52 on 3m shares.

Askari Bank (R) moved up by 29 paisa to close at Rs1.69 on 3m shares; Engro Corporation shed Rs6.29, to close at Rs132.41 on 3m shares; and PTCLA witnessed a decrease of 45 paisa to close at Rs25.42 on 2m shares.

F. Nat. Equities (R) gained four paisa to close at Rs1.21 on 2m shares; B.O. Punjab shed five paisa to close at Rs10.34 on 1m shares; Dewan Salman fell by five paisa to close at Rs2.26 on 1m shares; and NIB Bank lost one paisa to close at Rs2.22 on 1m shares.