The Karachi Stock Exchanges (KSE) benchmark 100-share index fell 0.34 per cent or 42.93 points to end at 12,533.55 point level. PHOTO: AFP
KARACHI:The stock market fell on Wednesday as investors opted the delay and see approach.
The Karachi Stock Exchanges (KSE) benchmark 100-share index fell 0.34 per cent or 42.93 points to end at 12,533.55 point level.
Broader market failed to take any fresh liquid as local investors preferred to look for any development on the political front as a grand coalition between Muttahida Qaumi Movement and Pakistan Muslim League?Nawaz would issue in solid opposition for the ruling Pakistan Peoples Party-led government, said Elixir Securities equity dealer Nazim Abdul Muttalib.
Furthermore, investors avoid taking any bets as currently the index trades at its recent year high, added Muttalib. Trade volumes fell to 68.5 million shares compared with Tuesdays tally of 71 million shares.
Foreign institutional investors were net buyers of Rs18.2 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Some trading activity was witnessed in selected stocks specifically in the banking sector as rumours of lower provisioning expected to encourage banks earnings in the current year. National Bank of Pakistan was yet again in the limelight, third in the volumes leaders list, as investors preferred to buy on cheap valuations.
Moreover, Engro finally gained 1.14 per cent reflecting gradual growth in investors confidence amid rumours of resolution of its gas supply issues to its new fertiliser plant. The scrip had plummeted more than 16 per cent in June.
Shares of 348 companies were traded on Wednesday. At the end of the day 119 stocks closed higher, 103 declined while 126 remained unchanged. The rate of shares traded during the day was Rs2.7 billion.
Lotte Pakistan PTA was the volume leader with 11.55 million shares gaining Rs0.65 to stop at Rs13.58. It was followed by Dewan Salman with 6.1 million shares rising Rs0.15 to end at Rs2.76 and National Bank of Pakistan with 5.3 million shares firming Rs0.18 to finish at Rs54.18.
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