Index falls below 15,500-point barrier

KARACHI — The KSE 100-share index yesterday posted a fresh decline of 73.38 points on renewed selling in some of the leading shares under the lead of Engro Chemical despite active short-covering in the leading oil and banking shares.

By Our Correspondent (KSE Report)

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Published: Thu 24 Apr 2008, 10:02 AM

Last updated: Sun 5 Apr 2015, 11:43 AM

After having touched the session’s, high of 15,649.34,up 106 points over the previous close, finally it finished with a fresh fall of 73.38 points at 15,470.14 amid highly erratic movements. The free float 30-share index on the other hand suffered a much bigger loss of 138.10 points at 18,661.42.

“The market appears to be passing through an inhouse technical correction as its high volatility reflects but there is no signs that the current run-up is overdone,” analysts said adding “but no one at this stage think of a massive fall as counter-balancing forces are still at work.”

Interim working results pouring in from the leading companies, notably Pakistan Oilfields, PSO, Shell Pakistan, Kot Addu Power, which were in line with the analyst predictions both in terms of profits and EPS should have put the market back on the rails as the mid-session witnessed but the news from Engro Chemical Pakistan seem to be below market expections followed by active selling in its share value.

Over the last couple of weeks, Engro Chemical as one of the market leaders had risen by about Rs100.00 with successive upper locks but dragged down the entire market along with it after investors indulged in hasty selling apparently disappointed by the earnings, some analysts said.

It shed Rs14.35 from its recent peak of Rs368.20.00 (face value Rs10) at Rs353.85 on 13 million shares. An identical activity was also witnessed in Nishat Mills, one of the leading textile mills during the last couple of weeks as its share price soared to Rs135.00 but negative reports about its profits pulled down it to Rs127.00. Cement shares followed them in the minus column.

But on the other hand other blue chips, including OGDC, Pakistan Oilfields, and Bank of Punjab came in for active short-covering and ended recovered and so did some of the shares, which had assumed the role of recent actives.

Minus signs again dominated the list under the lead of Rafhan Maize and Siemens Pakista, off Rs145.00 and 76.00, while AKD Capital and Fazal Textiles rose by Rs42.15 and 20.15 respectively.

Traded volume showed a fresh modest rise at 277 million shares from the previous 258 million shares as losers topped gainers by 210 to 105, with 48 shares holding on to the last levels.

Bank of Punjab led the list of actives, up 80 paisa at Rs61.30 on 19 million shares, followed by Hub-Power steady by 65 paisa at Rs35.05 on 17 million shares, OGDC, higher by Rs1.40 at Rs139.45 parlty on new oil finds and partly to higher world crude oil prices, on 15 million shares Pakistan Oilfiedls, sharply higher by Rs8.35 at Rs414.60 also on 15 million shares, JS Bank, lower by one rupee at Rs22.00 on 13 million shares, Azgard Nine, off Rs1.65 at Rs89.95 on 12 million shares and DG Khan Cement, lower by Rs2.60 at Rs109.80 on 9 million shares. Pervez Securities was also marked down by Rs4.85 at Rs92.45 on 10 million shares.

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