Market watch: Financial year starts on a low note

 Volumes fall to nine-month low.

KARACHI: 

The new financial year started off on a very low note as volumes fell to a nine-month low.


The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.09 per cent or 11.86 points to end at 12,484.17 point level.


Thin trading activity was witnessed as merely Rs1.2 billion was the value of shares traded due to July 1 being banking holiday, said JS Global Capital analyst Jawad Khan. State Bank of Pakistan had earlier in the week announced July 1 as a bank holiday.


Furthermore, retail investors preferred to remain on the sidelines in the absence of any institutional support on the last trading sessions of the week.


Trade volumes plummeted to nine-month low of 35 million shares compared with Thursday’s tally of 66 million shares.


Foreign institutional investors’ (FII) activity was unheard today while locals were seen active in fertiliser stocks on the expected price hike in urea.


FII were net sellers of mere Rs4.4 million worth of shares compared with Rs2.7 billion sold on Thursday, according to data maintained by the National Clearing Company of Pakistan Limited.


Shares of 302 companies were traded on the last trading session of the week. At the end of the day 113 stocks closed higher, 95 declined while 94 remained unchanged.


Fatima Fertiliser and Engro were among the top volume leaders again despite the decision for 100% hike in gas prices being delayed, said Elixir Securities equity dealer Sara Shahid.


Jahangir Siddiqui and Company was the volume leader with 5.45 million shares gaining Rs0.39 to finish at Rs6.87. It was followed by Fatima Fertiliser Company with 3.73 million shares declining Rs0.06 to close at Rs16.58 and Lotte Pakistan PTA with 3.28 million shares falling Rs0.3 to close at Rs13.53.


Published in The Express Tribune, July 2nd, 2011.

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