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Share index eases on rollover week selling
KARACHI - Pakistani stocks yesterday showed mixed trend as investors played on both sides of the fence but the impact of rollover week in the leading oil shares dominated the trading in the form of selling.
- PUBLISHED: Wed 28 Nov 2007, 9:14 AM UPDATED: Sat 4 Apr 2015, 11:22 PM
- By:
- Our Correspondent (KSE REPORT)
It was the rollover week for the matured November settlements and some of the leading investors rolledover their leveraged positions to the newcomer December contracts.
While the broader market eased from the current higher levels, the KSE 100-share index managed to finish modestly higher by 19.48 points at 13,795.46 as compared to 13,775.98 a day earlir.Its junior partner KSE 30-share index also recovered 22.63 points at 16,515.78.
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Some of the leading base shares managed to finish with an extended gain under the lead of National Bank, Arif Habib Securities and Pakistan Oilfields adding a modest rise to it.
Analysts said the falling turnover figure indicates that investors are not inclined to make fresh commitments in a big way owing partly to election uncertainties and partly to heating of the political scenario.
What seems to be more important is the absence of financial institutions from the market, which in the similar situations provide the much-needed lead to the general investors, they said adding on the top of it is lack of foreign support, they said.
Although the national elections are about six weeks away, investors seem to be in mood to take even calculated risks as no one is sure about the post-election government and its policies, some others said.
They said the opposition's threat to boycott election if their demands were not met was another inhibiting factor, which kept genuine investors out the market for obvious reasons.
Among the top gainers, Siemens Pakistan and Unilever Pakistan were leading, up by Rs71.00 and 30.00, while JS & Co and Pakistan Services were prominent among the losers, off by Rs27.35 and 15.00.
Trading volume further shrank to 210 million shares from the previous 222 million shares as losers held modest lead over the gainers at 182 to 158, with 41 shares holding on to the last levels.National Bank came in for fresh support and rose by Rs3.80 at Rs247.30 on 18 million shares followed by OGDC, easy by 70 paisa at Rs121.60 on 16 million shares, Arif Habib Securities, higher by Rs3.50 at Rs168.00 on 13 million shares, PTCL, steady by five paisa at Rs44.45 on 11 million shares, Javed Omer, 7.60 at Rs160.15 on 10 million shares, and Pakistan Oilfields, higher by Rs2.45 at Rs348.45 also on 10 million shares.