Respect4Respect01
SENIOR MEMBER
- Joined
- Sep 20, 2010
- Messages
- 3,899
- Reaction score
- 0
- Country
- Location
"KARACHI: The Karachi Stock Exchange (KSE)-100 Index went down by 42.93 points, or 0.34 percent, to 12,533.55 points on Wednesday as poor security situation in the city dampened the sentiment and let speculation into action, traders said.
Lotte Pakistan PTA and Engro Corporation led the rally for the gainers, but selling in high-priced Nestle Pakistan diluted the strong recovery in leading shares that is building on the hopes of better earnings, they said.
The situation in Karachi could be a cause of worry in coming sessions, but it hardly mattered today, said Qasim Ali Shah, head of equities at Global Securities.
More than a dozen people have fallen pray to ethnic violence in the countrys financial capital during the last two days as it becomes far fetched for Karachis dominant Muttahida Qaumi Movement (MQM) to rejoin the government, analysts say.
With fiscal 2010/11 capital gain of 28 percent, the KSE mostly remained immune to the law and order problems and investors are keen on building their portfolios ahead of the announcement of financial results for the year, which ended on June 30.
The KSE-30 Index of the blue-chip companies gained 19.78 points on strength of big corporations. Shares of 350 companies were traded, out of which 119 improved, 105 declined and 126 remained flat. Overall volumes were slightly down to 68 million shares.
Shah said that selling in a few shares of Nestle is sufficient to wipe overall gains of the market. It is really hard to ascertain the real reason behind the trade such a share.
The consumer giant was down 4.98 percent to Rs4843.91. Just 380 shares eroded 47 points from the KSE-100 Index. Lotte Pakistan rose sharply as investors realised that concerns regarding the profit margin of the purified terephthalic acid (PTA) maker are exaggerated. It was the volume leader and among the highest value gainers.
The National Bank of Pakistan (NBP) again remained in focus along with Engro Corporation. Both the shares are trading at attractive levels, especially Engro, which remained battered in the last few weeks.
Stocks, which appreciated in the last few sessions, came under pressure as institutional investors made profits, analysts said. These included Bank of Punjab (BoP) and Pakistan Oilfields (POL).
Fatima Fertiliser saw selling for the second consecutive day on the news that the United States has raised concerns over one of its products calcium ammonium nitrate (CAN), which can be used in making improvised explosive devises.
Lotte Pakistan was on top of the list with a turnover of 11.5 million shares. It went up by 5.03 percent to Rs13.58.
Dewan Salman followed with a turnover of 6.1 million shares as it went up by 5.7 percent to Rs2.76 and the NBP increased by 0.33 percent to Rs54.18."
KSE down 42 points as poor security situation dampens sentiment
Lotte Pakistan PTA and Engro Corporation led the rally for the gainers, but selling in high-priced Nestle Pakistan diluted the strong recovery in leading shares that is building on the hopes of better earnings, they said.
The situation in Karachi could be a cause of worry in coming sessions, but it hardly mattered today, said Qasim Ali Shah, head of equities at Global Securities.
More than a dozen people have fallen pray to ethnic violence in the countrys financial capital during the last two days as it becomes far fetched for Karachis dominant Muttahida Qaumi Movement (MQM) to rejoin the government, analysts say.
With fiscal 2010/11 capital gain of 28 percent, the KSE mostly remained immune to the law and order problems and investors are keen on building their portfolios ahead of the announcement of financial results for the year, which ended on June 30.
The KSE-30 Index of the blue-chip companies gained 19.78 points on strength of big corporations. Shares of 350 companies were traded, out of which 119 improved, 105 declined and 126 remained flat. Overall volumes were slightly down to 68 million shares.
Shah said that selling in a few shares of Nestle is sufficient to wipe overall gains of the market. It is really hard to ascertain the real reason behind the trade such a share.
The consumer giant was down 4.98 percent to Rs4843.91. Just 380 shares eroded 47 points from the KSE-100 Index. Lotte Pakistan rose sharply as investors realised that concerns regarding the profit margin of the purified terephthalic acid (PTA) maker are exaggerated. It was the volume leader and among the highest value gainers.
The National Bank of Pakistan (NBP) again remained in focus along with Engro Corporation. Both the shares are trading at attractive levels, especially Engro, which remained battered in the last few weeks.
Stocks, which appreciated in the last few sessions, came under pressure as institutional investors made profits, analysts said. These included Bank of Punjab (BoP) and Pakistan Oilfields (POL).
Fatima Fertiliser saw selling for the second consecutive day on the news that the United States has raised concerns over one of its products calcium ammonium nitrate (CAN), which can be used in making improvised explosive devises.
Lotte Pakistan was on top of the list with a turnover of 11.5 million shares. It went up by 5.03 percent to Rs13.58.
Dewan Salman followed with a turnover of 6.1 million shares as it went up by 5.7 percent to Rs2.76 and the NBP increased by 0.33 percent to Rs54.18."
KSE down 42 points as poor security situation dampens sentiment
