Due to political unrest and deteriorating law and order situation in the city capitalization at KSE shrunk further. The KSE 100 index closed at 12,191.78 levels with a loss of 100.12 points and total volume stood at 24,872,696 along with the total value of 1,236,276,478. KSE 30 index lost 71.25 points to close at 11,660.71 levels, and All Share index closed at 8,465.33 levels after losing 66.30 points. A total of 86 scrips advanced 149 declined and 155 remained unchanged out of the 390 scrips that were traded.
Institutional buying was witnessed at lower levels ahead of results season, preventing a steep fall in the benchmark index. Fauji Fertilizer Bin Qasim Limited was the volume leader with 2.7 million shares traded. This was largely due to the fact that its board of directors are expected to announce a strong first half 2011 result on the July 26, 2011. Oil import bill for the month of June witnessed a massive increase as the country imported 850,000 tons of oil for power generation. FII’s were rumored buyers in banking sectors while locals participated actively in the fertilizer and Exploration and Production sector.
Furthermore, NESTLE along with Oil and Gas Development Company (OGDC)were sparingly traded and continued to distort the overall market performance. Tepid investor participation with merely 31 million shares traded also added to the descent of KSE-100 in yesterday’s trading session. FFBL led the volume leader’s board with a positive close owing to healthy earnings expectation. Fauji Fertilizer Company and FATIMA mirrored the index’s performance. With the benchmark index posting five consecutive negative closes, while also shedding 385 points (3.1 per cent), recovery in the next few sessions is almost inevitable.
