Lackluster Trade observed at Karachi Stock Exchange
Pakistan Times Business & Commerce Desk

KARACHI: The market remained at lower levels without any sign of bounce as equities slip lower in extension of this morning’s lackluster trade. Positive sentiments, which had been slightly favorable in the early going, were turned bearish with decliners outpacing advancers by some margin. Stocks like PTCL, Fauji, National Bank, Nishat Mills, and Lucky cement were in the positive side.

The first treasury bills acution of the fiscal year is expected today, Wednesday and the performance of the market may be affected by any significant changes in the interest rate set. The KSE-100 index fell 9.07 points, or 0.17 percent, to 5390.65 as compared with 5399.72 of Monday. The volume rose 267 million shares as against 262 million shares.

Equity Analyst Remarks

Humbal Haroon Katia, equity analyst from Akbarally Cassim said that market stayed during the session, with volumes reducing to the range of 250-300 million. Investors patiently accumulated at their desired levels. Major activity was witnessed in Lucky Cement, as it is expected that the company’s profitability would increase due to the expansion program. Fauji Fertilizer company was amongst the major gainers as market expects stock dividend. He said that the badla increased drastically by 2.28 billion rupees. There was badla increase all across the board led by PTCL with 30 percent and D.G. Khan Cement by 24 percent. The badla increased by 10 percent, which on a bearish market seems quite peculiar.

Hasnain Asghar from Aziz Fidahusein said that technically index would continue to find support around 5391-5397 while the over head resistance stays around 5431-5437. The provisionally listed Pakistan Petroleum can be looked for trading around 110-107 as the movement depicts an upside of 130-133, while mutual funds and leading stocks of fertilizer, telecommunication, banking and oil and gas stocks can be looked for both trading and placements as the upcoming events will continue to invite buyers. Cyra Patricia from Live Securities said that the index moved in both positive and negative boundaries. Despite buying in the blue chips, punters decided to offload their sideboard items sending the index on a downward slope. Sentiments of small institutional investors were hurt as the index began to face downward correction.

Profit Taking

Profit taking was witnessed more towards session’s end. At present, the market appears to have changed its direction as investors have adopted the strategy to square their positions towards end of the day. OGDC, NBP, D.G. Khan Cement and Fauji Cement landed in the minus column. Hubco remained at the bottom through the session attributed by the news of delaying repair works in Unit 4. Lucky Cement rose 85 paisa to Rs 42.50 on a business of 33 million shares, PTCL rose 35 paisa to Rs 42.90 on a trading of 32 million shares, OGDC fell 50 paisa to Rs 66.95 on a volume of 24 million shares, Bank of Punjab gained 20 paisa to Rs 57.10 as around 19 million shares changed hands and Maple Leaf rose five paisa to Rs 40.40 on deals of 16 million shares.●