• Home
• /
• Business

Index sheds 53 points on renewed selling

The KSE 100-share index posted a fresh decline of 53.37 points at 13,884.95 after early rise to 13,978.16 as some of the leading base shares in the oil sector suffered sharp battering under the lead of Attock Refinery, off Rs12. Engro Chemical and some other blue chips limited the market decline after rising sharply higher.

The creeping decline in it may not upset its pre-election resistance level as the selling never assume an alarming proportions and is mostly orderly but the value erosions in between may be massivem, leading brokers fear.

It was in this background that the Arif Habib Bank was shifted from the forward counter to the ready one at Rs.29.50, but came in for fresh selling and ended lower by Rs.1.45 at Rs.28.05 on about 10m shares.

As the deadline of the February 18, the day when the voters will speak about their choice, the political situation is getting tense each day amid conflicting rumours including rigging,low turnout, and clash among the contenders of powers, a leading analyst Ahsan Mehanti fears.

The falling daily volumes, narrow price movements and the absence of leading punters and investors reflects that market future direction will largely depend on the election results,he said.

Analyst Faisal A.Rajabali the upcoming corporate announcements both in the pre and post-election sessions could put the market back on the rails after generating a lot of covering purchases but investors need leaders who could provide much-needed direction in the prevailing volatile situation.

But at this stage no one including the big players are inclined to go beyond their stipulated limits and a trading session.Buy at the dips and sell at the rise,is the strategy being strictly adhered to,another analyst Hasnain Asghar Ali said.

BOC Pakistan and AKD Capital led the list of gainers,up by Rs.13.70 and 27.00 but on the other hand HinoPak Motors and JS Global were prominent among the losers, off by Rs.20.00 and 24.15 respectively.

Traded volume rose to 140m shares from the weekend's 133m shares but losers maintained a strong lead over the gainers at 232 to 90, with 33 shares holding on to the last levels.

NIB Bank topped the list of actives, lower by 25 paisa at Rs.21.70 on 13m shares, Attock Refinery,sharply lower by Rs.12.25 at Rs.258.00 on 7m shares,Bosicor Pakistan,easy by 65 paisa at Rs.20.05 also on 7m shares, Engro Chemicals,sharply higher by Rs.5.60 at Rs.290.85 on 5m shares, Netsol Technologies, off Rs.4.00 at Rs.127.90 on 6m shares, and Fauji Fertiliser Bin Qasim, lower 15 paisa at Rs.41.70 also on 6m shares.