KARACHI: Stocks fell on Thursday as the corporate result season had almost ended and investors awaiting the outcome of meetings between International Monetary Fund and Pakistani officials.
IMF and Pakistani authorities are meeting in Islamabad to discuss the possible release of the sixth tranche of an $11 billion emergency loan agreed in November 2008. The KARACHI Stock Exchange’s benchmark 100-share index ended 0.65 percent, or 69.17 points, lower at 10,634.99.
Volume was 109.96 million shares compared with 142 million shares traded on Wednesday. “Now that the result season is almost over, investors prefer to book profits and are also cautious about the approval of the sixth tranche,” said Ahfaz Mustafa, managing director at Ismail Iqbal Securities Ltd.
In the currency market, the rupee ended firmer at 85.84/87 to the dollar, compared with Wednesday’s close of 85.87/93 amid lack of import payments, dealers said. The rupee has been supported because of higher remittances totalling $2.65 billion in the first quarter of the fiscal year of 2010/11 (July-June).
In the money market, overnight rates rose to top levels of 13.40 percent, compared with Wednesday’s close of between 12.50 percent and 13 percent, despite scheduled inflows of 3 billion rupees ($34.9 million), due to tight liquidity in the interbank market.
LSE sheds 30.62 points
The Lahore Stock Exchange (LSE) witnessed correction and closed in red zone on Thursday marked by a decline in volume. The LSE 25-shares index underwent a reduction of 30.62 points to close at 3,313.50 points against its opening at 3,344.12 levels. Volume of the market dwindled by 1.3 million shares and stayed at 5.85 million shares.
Out of 128 active scrips, 32 went up, 30 declined and 66 showed no change in their opening values. Lotte Pakistan PTA with a turnover of 1.45 million shares ended the day as the leaders in volume and added Rs 0.14 to close at Rs 10.32 against its opening at Rs 10.18. NBP, with a turnover of 0.54 million shares, declined by Rs 1.29 to close at Rs 67.65 against its opening at Rs 68.94.
Atlas Battery was the major gainer followed by First Capital Equities. Atlas Battery added Rs 7.68 to close at Rs 161.29 against its opening at Rs 153.61, while First Capital Equities accumulated Rs 5.32 to close at Rs 111.72 against its opening at Rs 106.40. Adamjee Insurance suffered losses and contracted by Rs 3.56 to close at Rs 67.69 against its opening at Rs 71.25.
