Weekend considerations forced the investors to sell their holdings, which resulted in negative closing or the stock market where most of investment and trading stocks finished in the red zone.
The KSE-100 index fell 6.10 points, or 0.07 percent, to 8179.90 as compared with 8186 points. The volume fell to 361 million shares as against 570 million shares of Thursday.
Hasnain Asghar from Aziz Fidahusein said that despite technical constraints the bulls in their desperate attempt further pumped the 15-point positive opening. The low volume surge led to an intra-day high of 8243--plus 58 points. Strength, however, invite offloading as the futures swap and last-day phobia never allowed the index to score big. The market received selling pressure and made an intra-day correction--down 53 points.
Technically, the index found strong support as adjustment invited buyers in main stocks. Inability of the index to close above 8210, however, forced the index to invite consolidation around 8110-8117.
The telecom giant is likely to stay in limelight as the meeting for annual accounts is scheduled for September 29. The meeting is likely to clear the confusion regarding changes in management thereby allowing the stock to trade on its fundamentals.
Jawad Haleem, research analyst from Atlas Investment Bank, said that the market closed on a positive note at the end of the first session. However, the market plunged during the second part of trading. The main reason behind this decline was the rumour that OCAC might revise the margins of OMCs down from their current level of 3.5 percent. This led to negative pressure on PSO and Shell, which fell by 3 percent and 1.5 percent respectively.
Fauji Fertiliser Bin Qasim gained Rs 1.20 to Rs 36.90 on a volume of 54 million shares. NBP rose Rs 2.30 to Rs 140.50 on turnover of 42 million shares. OGDC fell 15 paisa to Rs 113.35 on trading of 30 million shares. BOP denoted a rise of 40 paisa to Rs 113.40 on a business of 27 million shares, and PTCL improved by 10 paisa to Rs 64.65 on deals of 24 million shares.

Copyright Business Recorder, 2005

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