OGDC, MCB, PSO sink Karachi bourse

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(Xinhua) 20:56, September 02, 2013

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Equities at Pakistan's Karachi Stock Exchange (KSE) slumped for fifth straight session on Monday as hectic selling in index heavyweights Oil and Gas Development Company, MCB Bank, and Pakistan State Oil took the strength out of the main index amid lower participation.

The benchmark KSE 100-Index fell by 1.97 percent or 436.17 points to close at 21,724.68 points on Monday as against 22,160.85 points recorded on Friday.

The KSE All Share Index declined by 1.76 percent or 282.29 points to end at 15,741.03 points, the KSE 30-Index slumped by 1. 86 percent or 321.46 points to conclude at 16,929.01 points, whereas the KMI 30-Index plummeted by 1.64 percent or 622.85 points to finish the opening session of the week at 37,327.62 points.

The Karachi Stock Exchange plunged into the red ink right from the start on Monday where the main index fell below the psychological levels of 22,000 during initial trade and kept moving in a narrow range between 21,600-21,800 levels.

However, another selling spree in the second half forced the main index to languish at the lowest level of the day of 21,678.74 before closing just a touch higher.

Selling in index heavyweights OGDC, MCB and PSO affected the overall market sentiments while regional markets improved the local equity prices remained under pressure due to selling by selected investors.

OGDC closed 1.6 percent down, MCB lost 3.4 percent whereas PSO lost 11 rupees per share and Pakistan Oilfields Limited shed 10 rupees a share.

Pakistan Telecommunication Company Limited closed in positive with volume of 15.9 million shares after the news that Supreme Court has ordered to do 3G-auction in next 15 days.

The market volumes shrank by 5.2 million shares to 180.153 million shares, the market capitalization reduced by 97.147 billion rupees (971.476 million U.S. dollars) to 5.417 trillion rupees (54.170 billion U.S. dollars), whereas the KSE trading value slid by 919.407 million rupees (9.194 million U.S. dollars) to 5.715 billion rupees (57.154 million U.S. dollars) on Monday.

As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), foreign investors did net buying of 2. 749 billion rupees (27.491 million U.S. dollars) in the premier Pakistani bourse.

In broader market, a total of 348 companies changed hands during the course of trading on Monday where prices of 288 issues declined, 45 advanced, whereas values of 15 other scrips stayed unchanged at previous day's levels.

Bank of Punjab was the top traded company with volume of 21.045 million shares, followed by Fauji Cement and Pakistan Telecommunication Company Limited with turnovers of 15.997 million shares and 15.890 million shares, respectively.

Unilever Food was the top price gainer of the day with increment of 20 rupees (20 U.S. cents) per share to close at 5,050 rupees (50.50 U.S. dollars) while on the other hand Colgate Palmolive led the major price shedders with decrement of 59.83 rupees (59.83 U.S. cents) to finish at 1,735.17 rupees (17.35 U.S. dollars).