The Karachi Stock Exchange's (KSE) benchmark 100-share index fell 0.66 percent, or 79.35 points, to close at11,913.42. Turnover fell to 28.66 million shares, compared with 51.34million shares traded on Wednesday.
The shares market on Wednesday remained under pressure for the third session in a row as investors were still undecided whether or not to resume covering operations at the recent decline.
The KSE 100-share index ended with a fractional decline of 1.24 points after having again breached through the psychological barrier at 12,126.54 at one stage aided by strong support in the OGDC and Pakistan Petroleum and fresh pruning in some other index heavy-weights, notably Fauji Fertiliser and Engro Corporation.
After having absorbed the positive fallout of the new PPL-OGDC Nashpa oil discovery, which is billed to add significantly to
national
oil output, now all were awaiting some fresh market triggers, analyst Ahsan Mehanti said.
He said that the fact that benchmark ended close to the barrier reflects that bears failed to cause a major impact in the prevailing price trend, which could lead to a “big turnaround any day.”
Stocks ended lower and volume fell to a two-month low, as concerns that the European debt crisis could spread to U.S. banks prompted investors to book profits, dealers said.
World stocks hit a one-week low on Thursday and German Bunds rose as Spain paid more to sell 10-year debt than at any time since 1997, sparking fears it may join other euro zone peripheral states in being unable to finance itself.
Another analyst Samar Iqbal thinks heating up of the political atmosphere and investor worries over the future share business out-look seems to have taken steam out of the market temporarily.
He hoped the near status quo could well prove a turning point in the market behaviour even tomorrow as leading bulls are said to be on the lookout for a change on technical reasons also. Prominent gainers included Bhanero Textiles and Unilever Pakistan, up by Rs10.88 and 10.06, while losers were led by Bata Pakistan and Nestle Pakistan, off Rs9.99 and 9.30, respectively.
Traded volume showed a modest increase at 51.340m shares from the previous 49m shares, but losers held an active lead over gainers at 134 to 90, with 112 remaining unchanged at the last level.
The active list was led by Fatima Fertiliser, lower by 49 paisa at Rs23.86 on 7m shares followed by DG Khan Cement, steady 18 paisa at 21.18 on 4m shares, Engro Corporation, off Rs1.39 at 133.11 also on 4m shares, Fauji Fertiliser, lower by Rs4.09 at 183.63 on 4m shares, JS & Co, easy be one paisa at 5.60 on 3m shares, Maple Leaf Cement, firm by 20 paisa at Rs2.30 on 2m shares and National Bank, steady by seven paisa at Rs44.67 on 2m shares.
They were followed by Bank Al Falah, up 20 paisa at 11.83 on 2m shares, OGDC, higher by 92 paisa at 155.90 on 2m shares and Pakistan Petroleum, up Rs2.36 at 182.17 on 1.5m shares.
"Bearish activity was witnessed at the KSE, as global markets fell following a Fitch report that stated the EU debt crises could spread to U.S. banks," said Ahsan Mehanti, directorat Arif Habib Investment Ltd.
Fitch Ratings warned that it may reduce its "stable" rating outlook for U.S. banks with large capital markets businesses because of contagion from problems in troubled European markets.
In Near Future
Engro Corporation came in for active selling at the overnight rise and was marked down by Rs1.35 at 133.46 on a large turnover of 1.444m shares followed by Fauji Fertiliser off Rs4.01 at 178.68 on 0.947m shares and OGDC, up 77 paisa at 156.33 on 0.202m shares.
They were followed by Fauji Fertilisr Bin Qasim, easy 60 paisa at 60.49 on 0.236m shares and DG Khan Cement, up 16 paisa at 21.23 on 0.225m shares.
The shares market on Wednesday remained under pressure for the third session in a row as investors were still undecided whether or not to resume covering operations at the recent decline.
The KSE 100-share index ended with a fractional decline of 1.24 points after having again breached through the psychological barrier at 12,126.54 at one stage aided by strong support in the OGDC and Pakistan Petroleum and fresh pruning in some other index heavy-weights, notably Fauji Fertiliser and Engro Corporation.
After having absorbed the positive fallout of the new PPL-OGDC Nashpa oil discovery, which is billed to add significantly to
national
oil output, now all were awaiting some fresh market triggers, analyst Ahsan Mehanti said.
He said that the fact that benchmark ended close to the barrier reflects that bears failed to cause a major impact in the prevailing price trend, which could lead to a “big turnaround any day.”
Stocks ended lower and volume fell to a two-month low, as concerns that the European debt crisis could spread to U.S. banks prompted investors to book profits, dealers said.
World stocks hit a one-week low on Thursday and German Bunds rose as Spain paid more to sell 10-year debt than at any time since 1997, sparking fears it may join other euro zone peripheral states in being unable to finance itself.
Another analyst Samar Iqbal thinks heating up of the political atmosphere and investor worries over the future share business out-look seems to have taken steam out of the market temporarily.
He hoped the near status quo could well prove a turning point in the market behaviour even tomorrow as leading bulls are said to be on the lookout for a change on technical reasons also. Prominent gainers included Bhanero Textiles and Unilever Pakistan, up by Rs10.88 and 10.06, while losers were led by Bata Pakistan and Nestle Pakistan, off Rs9.99 and 9.30, respectively.
Traded volume showed a modest increase at 51.340m shares from the previous 49m shares, but losers held an active lead over gainers at 134 to 90, with 112 remaining unchanged at the last level.
The active list was led by Fatima Fertiliser, lower by 49 paisa at Rs23.86 on 7m shares followed by DG Khan Cement, steady 18 paisa at 21.18 on 4m shares, Engro Corporation, off Rs1.39 at 133.11 also on 4m shares, Fauji Fertiliser, lower by Rs4.09 at 183.63 on 4m shares, JS & Co, easy be one paisa at 5.60 on 3m shares, Maple Leaf Cement, firm by 20 paisa at Rs2.30 on 2m shares and National Bank, steady by seven paisa at Rs44.67 on 2m shares.
They were followed by Bank Al Falah, up 20 paisa at 11.83 on 2m shares, OGDC, higher by 92 paisa at 155.90 on 2m shares and Pakistan Petroleum, up Rs2.36 at 182.17 on 1.5m shares.
"Bearish activity was witnessed at the KSE, as global markets fell following a Fitch report that stated the EU debt crises could spread to U.S. banks," said Ahsan Mehanti, directorat Arif Habib Investment Ltd.
Fitch Ratings warned that it may reduce its "stable" rating outlook for U.S. banks with large capital markets businesses because of contagion from problems in troubled European markets.
In Near Future
Engro Corporation came in for active selling at the overnight rise and was marked down by Rs1.35 at 133.46 on a large turnover of 1.444m shares followed by Fauji Fertiliser off Rs4.01 at 178.68 on 0.947m shares and OGDC, up 77 paisa at 156.33 on 0.202m shares.
They were followed by Fauji Fertilisr Bin Qasim, easy 60 paisa at 60.49 on 0.236m shares and DG Khan Cement, up 16 paisa at 21.23 on 0.225m shares.
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