 |
| |
WEEKLY
SECTIONS |
 |
|
 |
| Profit-taking trims earlier gains on KSE |
|
|
|
Friday, November 27, 2009
By our correspondent
KARACHI: Foreign selling in Oil & Gas Development Company (OGDC) trimmed notable gains on the Karachi bourse that closed flat on Thursday.
The KSE 100-share Index closed with a nominal 1.64 points or 0.02 per cent gain at 9,206.21 points. The free float capitalisation based KSE 30-Index closed 23.69 points or 0.24 per cent lower at 9,706.48 points.
The heavyweight OGDC alone caused the benchmark to fall by 28 points a dozen of other pivotals including PSO, MCB Bank, NBP, PTCL, Adamjee Insurance and Attock Refinery also faced offloading.
“Sluggish opening pushed the benchmark into the negative territory, wherein the index heavy weight OGDC played a major role, as the stock faced fresh float offered by the offshore participants, with various reservations on revenue and payouts the locals stayed aloof,” observed Hasnain Asghar Ali at Aziz Fidahusein.
Bank of Punjab and Pak.PTA led the turnover, while despite the news of likely reduction in PSDP allocation, the leading stocks of the cement sector did stage snap rallies during the session, he added.
Analysts were of the view that majority of investors were dormant ahead of Eid holidays from Friday to Monday and also due to the NRO issue. The National Reconciliation Ordinance allowed withdrawal of corruption cases against the leading political figures of Pak politics.
“NRO is going to expire on November 28 - meaning the climax of NRO episode will hit the height during holidays where this climax may take any turn, as there is no pre-fix rules and boundaries in the politics,” a leading analyst said and added, “This scenario forced investors to remain cautious and stay dormant.”
Furqan Punjani at Topline Securities said that investors preferred to sell on strength. OGDC was in negative zone which restricted index to post only a meagre increase. Selling in OGDC, in particular, was led by foreigners, he believes.
The figures about day activities by foreigners and locals was not available today, as National Clearing Company of Pakistan which provides the relevant data had reportedly been hacked for unknown intentions, The News learnt.
“Market is trying to consolidate somewhere above 9,200 points these days. While issues in hot on political front would determine the future direction in market after Eid holidays,” said another analyst.
Ahsan Mehanti at Shahzad Chamdia Securiteis said that mixed activity witnessed ahead of Eid holidays. Limited investor-interest and booking of profits on intra-day peaks ended market in dull, he added
Turnover was flat at 84.66 million against 82.42 million shares yesterday. Future saw healthy volumes at 4.78 million against 2.71 million shares traded a day earlier. Market capitalisation was pegged at yesterday level of Rs2,658 billion.
Among 361 actives, gainers outnumbered losers 206 to 139 with 16 unchanged.
Highest volumes were witnessed in Bank of Punjab at 11.76 million shares closing at Rs17.50 with a gain of Re1, followed by Pak.PTA at 7.96 million closed Rs7.66 with 16 paisa gain, OGDC at 7.51 million shares closed Rs106.39 with Rs1.71 loss, Bank Alfalah at 4.36 million shares lost five paisa to close at Rs14.09, and Nishat (Chunian) at 4.30 million shares gained 47 paisa to close at Rs16.02.
KSE Holidays: The Karachi Stock Exchange (KSE) will remain closed from Friday, November 27, 2009 to Monday, November 30, 2009 on account of Eid-ul-Azha. The Exchange will reopen on Tuesday, December 01, 2009.
|
|
|
| Back
| Send
this story to Friend | Print
Version |
|
|
|
ISSN 1563-9479 
