KARACHI: The shares market on Thursday extended the overnight weakness on renewed profit-selling on blue chip counters but there were buyers at the dips which limited a fresh fall in values.
Political uncertainty in the backdrop of a sit-in by the Opposition outside the presidency also took its toll, pushing the benchmark from the initial highs to a net fall at the end of the session.
The opening was, however, fairly encouraging as investors were not deterred by the heating up of the political scene and lifted the a benchmark by a hefty rise of 105.12 points at intra-day high of 11,973.29, aided partly by reports of MQM’s return to the government and PML-Q’s positive stance.
But the initial run-up could not be sustained after mid-session as a section of leading investors unloaded long positions in some of the pivotals under the lead of fertiliser shares, but fresh support in the cement sector and some other blue chips limited the total fall.
The benchmark posted a modest fall of 29.17 points at 11,839.00 as compared to 11,868.17 a day earlier, reflecting the strength of National Bank, Engro Corporation and some other blue chips.
Floor brokers said leading investors played on both sides of the market ahead of the central bank meeting on Oct 8, amid conflicting rumours about keeping downward revision of policy rate.
“In the absence of consensus figure, the battle for one or half a per cent cut between the bulls and the bears is currently at peak,” they said.
“The stocks, which could be main beneficiary of the possible revision remained in the limelight.”
Minus signs dominated the list under the lead of Wyeth Pakistan and Bhanero Textiles, off by Rs14.65 and 12.22, while Unilever Pakistan and Nestle Pakistan managed to finish with gains of Rs62.93 and 14.92, respectively.
Traded volume fell further to 62.750m shares from the previous 83m shares as losers maintained a firm lead over gainers at 160 to 117, with 105 shares holding on to the last levels.
The actives list was topped by National Bank, steady by three paisa at Rs48.91 on 5.721m shares, followed by DG Khan Cement, firm by 39 paisa at 21.53 on 5.288m shares, Fauji Fertiliser Bin Qasim, lower by 38 paisa at 60.32 on 4.252m shares, Lucky Cement, up 89 paisa at 76.02 on 3.203m shares, Engro Corporation, steady by 17 paisa at 138.91 on 3.101m shares, Fauji Fertiliser, sharply lower by Rs2.84 at 138.91 on 3.024m shares and Bank Al Falah, easy 25 paisa at 11.30 on 3.006m shares. They were followed by Fatima Fertiliser, lower 18 paisa at 19.51 on 2.749m shares, Sui Southern Gas, up 25 paisa at 25.50 on 2.644m shares and Lotte Pakistan, easy by four paisa at 11.93 on 2.069m shares.
FUTURE CONTRACTS: Fauji Fertiliser Bin Qasim led the list of actives, off 43 paisa at Rs60.77 on 1.182m shares followed by National Bank, steady by one paisa at 49.15 on 1.026m shares and Engro Corporation, firm by 11 paisa at 140.14 on 0.862m shares. They were followed by DG Khan Cement, up 46 paisa at 21.72 on 0.504m shares and Fauji Fertiliser Bin Qasim, off Rs2.79 at 170.33 on 0.429m shares.
DEFAULTER COs: SS Oils came in for active selling and was quoted lower by 91 paisa at Rs4.34 on 0.125m shares followed by Japan Power, unchanged at 0.91 on 42,203 shares and Abdullah Shah Sugar, up 70 paisa at 8.25 on 8,205 shares.