KARACHI (November 14 2008): Buying in some select stocks supported the benchmark KSE-100 index to close in positive at 9,184.09 points level, slightly up by 0.95 points. Trading activity however remained dull with the ready market volume declining to 66,600 shares as compared to already low turnover of 73,500 shares traded a day earlier. No trading was witnessed at the futures counter.
The overall market capitalisation declined by Rs 2 billion to stand at Rs 2.827 trillion. Out of the total 18 active scrips, only two closed in positive and five in negative while the value of 11 scrips remained unchanged.
Gharibwal Cement was the overall volume leader of the day with 14,500 shares, however, it lost Re. 0.75 to close at Rs 16.62. National Assets closed at Re. 0.42, up by Re. 0.02 with 10,500 shares. Southern Electric lost Re. 0.10 to close at Rs 3.60 with 9,500 shares. Sui Southern Gas remained unchanged at Rs 27.91 with 7,600 shares.
Al Qaim Textile lost Re. 0.25 to close at Re. 1.00 with 5,000 shares. United Bank closed at Rs 68.25 without any change with 4,100 shares. Habib-ADM Limited lost Re. 0.56 to close at Rs 9.68 with 3,000 shares. Nimir Resins remained unchanged at Rs 5.05 with 2,500 shares. KESC closed at Rs 3.80 without any change with 2,000 shares. NBP remained unchanged at Rs 93.02 with 2,000 shares.
Siemens Pak and National Assets were the highest gainers and gained Rs 31.43 and Re. 0.02 to close at Rs 1250.00 and Re. 0.42 respectively while Gharibwal Cement and Habib-ADM Limited were the worst losers and lost Re. 0.75 and Re. 0.56 to close at Rs 16.62 and Rs 9.68 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Securities said that Siemens Engineering made a difference, trade in the company broke the spell, and the index inched up. The news of a meeting between SECP and KSE board gripped the local bourses throughout the session, the intention of the likely proposal being deliberated is to reduce selling pressure, yet unfreeze the local bourses to avoid unmanageable circumstances. The recent surge in interest rate will, on the contrary, increase selling pressure as the locals are likely to join the band wagon, as, besides reduction in corporate profitability, the increase has whetted the thirst for the desired rate of return thus forcing the valuations to undergo a downward adjustment. Adding to the misery is the unabated decline in the international equity markets.
He said that the proposal, most probably under study, links to changing the range of the circuit breakers with focus on lower lock, besides this the criteria and eligibility of the stocks and sellers will also be discussed. Although the list of the privileged stocks likely to be supported by the government financed support fund, carrying the government run/owned companies have been made public, however to give the essence of 'support' it is the whisper that proposal to lift entire CFS holding is also being made.
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