0
KARACHI, Dec 13: Stock prices on Tuesday fell across the board on nervous selling triggered by reports that the US senate has approved a freeze on $700m aid to Pakistan until it ensures help against war on terror.
The KSE 100-share index posted a sharp decline of 1.72 per cent or 199.10 points at 11,278.02, eroding Rs49 billion from the market capital at 2,925.288bn as compared to 11,477.12 a day earlier as leading base shares fell in panic selling under the lead of fertiliser sector, notably Fauji Fertiliser and Engro Corporation.
Market sources said the fertiliser sector has a direct relevance to the freeze under the lead of Fatima Fertiliser followed by sympathetic unloading, which covered the entire sector.
“Of late the market trend is mostly guided by the inflow of news from the US and its negative impact on the stock trading,” analysts said,
“but the very next day when the Senate moves are vetoed, investors resumed their normal operations.”
They said the market is passing through a very critical phase of its operations in the backdrop of developing situation on the external borders followed by the US threats.
“The US threat that there is no guarantee against another Mohmand-like attack on border post seems to have been aptly understood and could well mean anything for the both,” they added.
They said negative news in relations of the Pakistan-US political ties are following in quick succession, which keep investors at their toes all the time.
Prominent gainers were led by Unilever Pakistan and Al-Ghazi Tractotrs, up by Rs31.54 and 9.13, while among the top losers, Nestle Pakistan and Millat Tractor were leading, off by Rs119.73 and 7.85, respectively.
Turnover figure fell to 41.084m shares from the previous 46m shares as losers held a strong lead over gainers at 175 to 62, with 74 shares holding on to the last levels.
The active list was led by Fatima Fertiliser, off Rs1.17 at 22.40 on 6m shares followed by Engro Corporation, lower by Rs2.75 at 105.09 on 5m shares, JS & Co, easy 21 paisa at 4.98 on 4m shares, Fauji Fertiliser, sharply lower by Rs5.52 at 152.17 on 3m shares, Lotte Pakistan, lower by 29 paisa at 9.27 on 2m shares, Fauji Fertiliser bin Qasim, off Rs1.22 at 47.92 on 2m shares and Arif Habib Corporation, lower by Rs1.22 at 27.26 also on 2m shares.
They were followed by Bank Al Falah, lower 18 paisa at 11.51 on 1.307m shares, NIB Bank, easy by one paisa at 1.33 on 1.069m shares and Worlcall Telecom, lower four paisa at 0.88 on 1.049m shares.
FUTURE CONTRACTS: The active list was Engro Corporation, off Rs2.87 at 105.66 on a large volume of 1.290m shares followed by Fauji Fertiliser, lower by Rs5.18 at 153.05 on 1.237m shares and Fauji Fertiliser Bin Qasim, easy by Rs1.19 at 48.13 on 0.485m shares.
They were followed by National Bank, easy by 33 paisa at 41.66 on 0.400m shares and Attock Refinery, lower by 46 paisa at 113.21 on 0.320m shares.
