Market attracts weekend selling

KARACHI — Selected support emerged strong on the blue chip counters yesterday but the broader market remained under pressure on reports of fresh fall on the regional bourses amid fears of negative fallout of weak US and Chinese economies elsewhere. The KSE 100-share index was off 75 points at 11,133.35.

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Published: Sat 3 Mar 2007, 8:49 AM

Last updated: Sat 4 Apr 2015, 10:40 PM

Instances of dividend-linked speculative and genuine buying on those counters was, however, not wanting,which in turn allowed the market to avert a major fall considered a normal activity at the weekend sessions, analysts said.

"A was a judicious combination of both weekend and CLN related selling but appears to be well-absorbed as was reflected by a low volume," analysts said.

The new CLN regime will be in place from next Monday (March 5), but analysts "don't think there could be major dents in the current price structure as brokers has already agreed to play under the new rules."

The stock trading during the next week could undergo a major change as some of the foreign investors are said to be planning for new portfolios in the light of recent payout and that increase the daily turnover figure as well a price flare-up on selected counters, brokers predict.

The KSE 100-share index ended with a modest fall of 74.44 points at 11,133.35 as compared to 11,207.79 a day earlier, reflecting the weakness of some leading shares.

Most of the leading base shares, notably OGDC, National Bank, Bank of Punjab, DG Khan Cement and some others remained under pressure and fell further.

The prices changes were, however, mostly fractional and indicated that bulls are in the process of re-entering in the market as the negative fallout of China's bourse is well-absorbed by now as was reflected by Thursday's modest recovery.

Bata Pakistan and Wyeth Pakistan, which rose by Rs7.95 and 39.00 were leading among the gainers, while Treet Corporation and Nestle Pakistan led the list of losers, off Rs7.00 and 33.00.

Trading volume fell to 115 million shares from the previous 166 million shares as gainers trailed far behind the losers at 112 to 165, with 38 shares holding on to the last levels.

Lucky Cement, topped the list of actives, up 30 paisa at Rs67.60 on 11 million shares followed by National Bank, steady by 10 paisa at Rs268.80 also on 11 million shares, OGDC, lower by 85 paisa at Rs118.00 on 9 million shares, DG Khan Cement, easy by Rs1.05 at Rs83.50 on 8 million shares, Bank Al Falah, easy by 20 paisa at Rs50.90 on 7 million shares, and Bank of Punjab, lower by Rs1.90 at Rs119.00 on 6 million shares, but Hub-Power rose by 40 paisa at Rs32.40 on 3 million shares.


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