KARACHI, Nov 30: Stocks on Wednesday suffered widespread decline as investors took profit at the highly inflated levels on the blue chip counters under the lead of overvalued oil shares in an actively traded session. The KSE index was off 110 points or 1.20 per cent at 9,025.93.
Being in a highly overbought position owing to sustained run-up during the last couple of sessions, the market needed correction and that came in the form of profit-selling.
The KSE 100-share index was off 109.61 points or 1.20 per cent at 9,025.93 as compared to 9,135.54 a day earlier as most of the leading base shares fell under the lead of PTCL, National Bank and D.G.Khan Cement. Market capital also suffered a decline of Rs27.360bn at Rs2,585.143bn, reflecting the weakness of leading capital-intensive shares in the oil sector.
The opening was, however, on the higher side as early it rose to day’s peak level of 9,154.02 but after mid-session bargain-hunters moved in and indulged in heavy selling.
Analysts said the correction was long overdue but it was delayed by the extended short-covering on the cement and bank sectors followed by stray selling in the leading oil shares.
“But it appears to be a technical correction and has nothing to do with the external factors”, they said, adding “positive market movers are there and they could again put the market back on the rails”.
PTCL remained under pressure despite press reports that the deal with Etisalat would go through and an official announcement would be made on Dec 5, after having been in a terrible uncertainty about the deal for the last couple of months, investors were not enthused by the report.
Minus signs dominated the list under the lead of Clariant Pakistan and Shell Pakistan, off Rs7.90 and Rs11 followed by Pakistan Refinery, Jahangir Siddiqui Capital Market Fund, Nishat Mills, National Refinery, Pakistan Oilfields, Pakistan Petroleum, Atlas Honda, Millat Tractors, Packages, Clover Pakistan, Shezan International and Shell Pakistan, which suffered fall ranging from Rs4.20 to Rs11.
But on the other hand Siemens Pakistan maintained its post-dividend upward drive and rose by Rs24 followed by Wyeth Pakistan, higher by Rs55. Other good gainers included HinoPak Motors, Berger Paints, Jahangir Siddiqui & Co, Arif Habib Securities and Artistic Denim, up by Rs4 to Rs8.
Trading volume rose to 440m shares from the previous 421m shares as losers forced a strong lead over the gainers at 242 to 99, with 33 shares holding on to the last levels.
The most active list was topped by D.G.Khan Cement, off Rs2 at Rs108.75 on 48m shares followed by Fauji Fertilizer Bin Qasim, lower 20 paisa at Rs37 on 48m shares, National Bank, off Rs1.30 at Rs181.40 on 35m shares, Fauji Cement, lower 80 paisa at Rs26.35 on 32m shares and PTCL, easy 85 paisa at Rs62.35 on 19m shares and Bank Alfalah, higher by Rs1.55 at Rs68.30 on 19m shares.
Other actives were led by Lucky Cement, lower Rs1.85 on 19m shares, Pak PTA, easy five paisa on 18m shares, Bank of Punjab, off Rs2.20 on 15m shares and Pakistan Cement, up by Re1 on 13m shares.
FORWARD COUNTER: National Bank came in for active selling and was marked down by 75 paisa at Rs185 on 12m shares followed by D.G.Khan Cement, off Rs1.60 at Rs111 also on 12m shares and MCB, lower by Rs3.40 at Rs157.40 on 9m shares.
Fauji Fertilizer Bin Qasim, fell by 60 paisa at Rs38.20 on 9m shares, Maple Leaf Cement, easy 25 paisa at Rs43.25 on 7m shares and some of the leading shares in the oil sector including PSO and Pakistan Petroleum.
DEFAULTER COS: Active trading was witnessed on this counter as a section of investors shifted their buying to low-priced shares owing to heavy selling in the ready section.
Schon Modaraba and Dandot Cement were most actives among them, up by 50 and 20 paisa at Rs1.15 and Rs12 on 0.232m and 0.274m shares respectively. Among the prominent losers, Morafco Industries was leading, off Rs2.85 at Rs54.15 but Chenab Textiles rose by Rs1.35 at Rs28.35 on active support.
KARACHI, Nov 30: Stocks on Wednesday suffered widespread decline as investors took profit at the highly inflated levels on the blue chip counters under the lead of overvalued oil shares in an actively traded session. The KSE index was off 110 points or 1.20 per cent at 9,025.93.
But on the other hand Siemens Pakistan maintained its post-dividend upward drive and rose by Rs24 followed by Wyeth Pakistan, higher by Rs55. Other good gainers included HinoPak Motors, Berger Paints, Jahangir Siddiqui & Co, Arif Habib Securities and Artistic Denim, up by Rs4 to Rs8.
