KARACHI – The KSE-100 index gained 28 points to close at 12,483 points, while 139 million shares were traded. Profit taking was observed at inflated levels as investors preferred to book gains ahead of the Monetary Policy Announcement (MPS) on January 29, which would influence the market’s direction.
The KSE-30 index added 37.50 points and closed at 12216.99 points, while the all share index closed at 8690.73 points marked by a gain of 12.46 points. Fertiliser stocks underwent profit taking following release of urea/DAP sales numbers released for December, which were below the market expectation. DAP sales stood at 1.3 million tonnes, while urea sales were 6.1 million tonnes. LOTPTA announced its results for 2010. Results showed an EPS of Rs 2.99, along with a dividend of Rs 0.5. Foreign institutional investors were rumoured buyers in the banking sector, while locals were active in third tier stocks.
The index started on a bullish note, however volatility dominated the market. FFC drew the investor’s attention due to a healthy dividend expectation. Cautious investor’s behavior was evident, as a meager 139 million shares were traded. LOTPTA, with a volume of 48 million shares, topped the board. The oil and gas sector provided able support, outperforming the KSE-100 index, while banking stocks depicted muted performance.
Dull volumes in main board stocks made life difficult for participants opting for a switch in their holdings from January onwards. Endorsement of a gloomy economic situation allowed the macro-economic situation to overpower discussions on leverage introduction. This disallowed aggressive activity, thereby leading to stagnation and nervousness. However, recent developments including agreement on a non-broker chairman is likely to pave way for early introduction of the long awaited leverage product.
LSE retains ground
LAHORE – The Lahore Stock Exchange (LSE) remained range bound on Wednesday amid little increase in volume and shares transactions. The LSE index added 2.97 points to close at 3846.44 against its opening at 3843.47 levels. Out of a total of 108 active scrips, 24 went up, 34 went down and 50 closed without any change in their opening values.
The volume of the market remained 7.86 million shares, which was 1.54 million shares more than Tuesday’s turnover of 6.31 million shares. Lotte Pakistan PTA was the volume leader with 4.34 million shares turnover and it lost Rs 0.56 to close at Rs 15.31 against its opening at Rs 15.87. Fauji Fertilizers Bin Qasim remained the next volume leader with 0.65 million shares turnover lost Rs 0.78 to close at Rs 41.06 against its opening at Rs 41.84. Staff Report
