Home »Top Stories » KSE sheds 50.82 points

Bearish trend continued to prevail in the stock market amid highly volatile atmosphere on Monday. The KSE-100 Index declined by 50.82 points or 0.74 percent to finish at 6747.39 points as compared to previous 6798.01 points. The business volume also shrank drastically to only 278.298 million shares as against 558.195 million shares, registering about 50 percent decrease. Whereas the market capitalisation stood at Rs 1862.996 billion as compared to last day's Rs 1868.479 billion.

The index, maintaining its previous volatility, continued the zigzag journey and made wild swings between a vast range of 153 points during the session.

Initially, the market started off with upward momentum but soon weak holders offloaded their positions, anticipating further decline of the index.

Succumbing to this selling pressure, the index went down to the intra-day low level of 6688.95 points (-110).

However, this adjusted level followed by healthy announcement invited some support, which generated buying activities in blue chips to take the index to an intra-day high mark of 6841.58 points (+43).

On the expectation of healthy earnings and handsome payouts, oil and gas and fertiliser sectors performed exceptionally well.

The PPL remained strong after announcing 25 percent interim cash dividend, while FFC continued to move erratically till closing, as its result was not announced till trading hours.

However, the higher than expected dividend and bonus announced by the company after the closing of trading session might spark smart rally in the scrip in next session.

On the back of robust earning prospects and the privatisation story, PSO was another oil stock which did well, gaining 1.8 percent to close at PKR 310.60. On the other hand, the privatisation-led euphoria in PTCL seemed to have died down suddenly, as punters dumped the stock relentlessly to its lower circuit breaker of PKR 60.80.

Technically, index will continue to find support around 6725-6733, while the overhead resistance comes around 6850-6858.

The weighted average badla rates were 17.98 percent, whereas the total badla investment increased by Rs 0.70 billion to Rs 33.43 billion as against the previous of Rs 32.73 billion.

There was badla increase across-the-board, specially in HUBC and OGDC where badla surged by 8 and 7 percent, respectively.

Among the volume leaders, PTCL down by Rs3.20 at Rs60.80 on 79.727 million shares; OGDC up by 30 paisas at Rs81.00 on 34.997 million shares; PSO higher by Rs5.60 at Rs310.60 on 17.784 million shares; FFC dearer by Rs2 at Rs151.20 on 15.538 million shares; Lucky Cement harder by 65 paisas at Rs41.90 on 13.726 million shares; NBP easier by 40 paisas at Rs65.85 on 11.521 million shares; FFBL loser by 25 pasias at Rs28.25 on 9.955 million shares; SSGC leaner by 50 paisas at Rs28.00 on 8.813 million shares; PPL fatter by Rs4.25 at Rs135.50 on 7.909 million shares; and DGK Cement lower by 5 paisas at Rs56.95 on 7.246 million shares.

Copyright Business Recorder, 2005


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