Karachi stocks market remained bearish Thursday with trade volumes nosediving to record lows of 28.66 million shares on account of, what the analysts said, the investors’ cautiousness ahead of ahead of the policy announcement due to be made by the central bank at the end of this month. The day also saw benchmark, KSE 100-share index, losing 79.35 points or 0.66 percent on the back of global markets’ fall after the Fitch report. Market index closed at 11,913.42 points against 11,992.77 points on Wednesday after hitting respective intraday high and low of 12,025.02 and 11,908.06 points. “Bearish activity (was) witnessed at the KSE on global markets fall after Fitch report stated that EU debt crises could spread to US banks,” viewed Ahsan Mehanti, director at Arif Habib Investments. Total shares traded at the ready-counter were recorded at historic low of 28.661 million compared to 51.340 million of the previous day. This depicts a slump of 22.679 million shares.
“Trade hit record lows as investors remained cautious ahead of the State Bank’s policy announcements due at the end of this month,” Mehanti said.
Trading value also sharply contracted to Rs1.9 billion compared to Rs3.1 billion of the previous day.
Market capitalisation also remained downward and decreased, albeit slightly, to Rs3.103 trillion, compared to Rs3.122 trillion on Wednesday.
Of total 316 traded scrips, 57 were categorised as gainers and 146 as losers. The rest, 113, remained unchanged.
“Rise in brent crude oil prices near to $112 and easing circular debt concerns in the energy sector invited the investors’ interest in blue chip oil stocks despite concerns for rising fiscal deficit in the country,” viewed Ahsan Mehanti.
Fatima Fertliser Company appeared as volume leader of the day with 4.7 million of its shares traded at highest per share rate of Rs24.05. Company share price decreased to Rs23.16 from the opening rate of Rs23.86.
Other scrips that followed were Fauji Fertiliser, Pak Oilfileds, PTCL, Engro Corporation, Bank Al-Habib, DG Khan Cement, NIB Bank, National Bank of Pakistan and LOTTE Pakistan PTA which counted their traded shares respectively at 1.8 million, 1.4 million, 1.3 million, 1.3 million, 1.1 million, 1.1 million, 0.847 million, 0.831 million and 0.780 million.
Turnover at future market also declined from 4.7 million shares to 2.7 million with only 16 scrips gaining against 91 losers and one unchanged.
Engro NOV was the volume leader on this side having 0.509 million of its shares traded during the day.
