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October 1, 2010

Attock Group results limit KSE losseslosses

National

October 1, 2010

KARACHI: The Karachi share market registered minuscule loss on Thursday as strong results from Attock Group Companies prevented any major decline after the increase in key discount rates by 50 basis points, dealers said.
“The index still ended in negative territory on the back of the policy rate hike,” said Ahsan Mehanti, Director Arif Habib Investments.
“Investors remain concerned over the rising cost of borrowing and an affect on the economic growth amid tight monetary policy stance.”
The KSE-100 Index lost 8.94 points, or 0.09 percent, to close at 10,013 points. The KSE-30 Index shed 53.23 points, or 0.55 percent, to close at 9,674.
Out of 369 traded companies, 193 advanced, 156 declined and 20 remained unchanged.
Samar Iqbal, a dealer at the Topline Securities said that the expected decline after the interest rate hike was overshadowed by the excellent announcements of Attock Group companies, especially NRL and APL.
“With decent volumes the index recovered early losses mainly due to good corporate announcements. LOTPTA remained the volume leader as international PTA prices continued to rise.”
Analysts said that the fall in the global capital markets, falling rupee value and political uncertainty played a catalyst role in the negative activity at the bourse, despite foreign interest in the blue-chip scrips and good corporate earning announcements in the oil and gas sector.
Hasnain Asghar Ali, a dealer at Aziz Fida Husein said that the sentiment building exercises suggesting that 50bps increase had already been discounted and a couple of better-than-expected announcement by NRL and APL restricted the benchmark from undergoing a nosedive opening, supporting the fact was massive hand shifts in the main board stocks on initial declines.
Accumulation was witnessed post-midday as the main board stocks stayed on the targets by the corporate buyers from both government and private sector.
Sara Shahid, an analyst at Elixir

Securities said that the equities opened negative on 50bps policy rate hike by the central bank, citing higher inflation and increase in the fiscal deficit.
“Result announcements by Attock Petroleum and National Refinery in early trade cheered the market and possible window dressing on quarter close prevented a major fall.”
Attock Group Company, Pakistan Oilfields, attracted good volumes on the hopes of higher payout and better earnings in line with other group companies.
The trading activity was better as the ready market volumes stood at 88.83 million against 46.01 million a day earlier.
Highest volumes were witnessed in LOTPTA with a turnover of 17.331 million shares as the scrip lost 37 paisas to close at Rs8.35 followed by BAFL with a turnover of 8.462 million shares as it gained 17 paisas to end at Rs8.20. JSGF with a turnover of 5.016m lost one paisa to finish at Rs3.10.

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