KARACHI: Security concerns in the backdrop of series of bomb blasts and heavy death toll dominated the trading on the stock market on Tuesday as investors were not inclined to make fresh commitments even at the lower levels and just marked time.
A series of bomb blasts and suicide attacks in Peshawar and Lahore and fears that Karachi may also be not safe haunted investors and they indulged in alternate bouts of buying and selling without taking fresh positions.
The KSE 100-share index was quoted further lower by 148.96 points or 1.66 per cent eroding about Rs58 billion from the market capital at 8,843.96. Its junior partner also fell by 162.26 points at or 1.72 per cent at 9,277.79.
Index heavy weights, notably PSO, MCB, National Bank, and some others led the market decline and the weakness of the rupee against the dollar and other major currencies also took its toll.
‘Monday night’s two bomb blasts in Lahore seem to have proved a last straw on the camel’s back as investors hastened to move into the safe havens rather than opting for year-end portfolio adjustments,’ analysts said.
What seem to have worried them most were the soft targets being chosen by the terrorists to spread scare among the investors, notably the foreign ones as was reflected by their absence, they said.
However, jobbers, day traders and some other moved to buy the undervalued shares where the financial risks are minimum as most of the deals both sides remained confined to a couple of paisa, they added. Although the list was dominated by the minus signs, some of the leading shares managed to finish further high under the lead of Unilever Foods and Nestle Pakistan, Unilever Pakistan, up by Rs39 and 15 followed by Nestle Pakistan, Liberty Mills, and Atlas Honda, up by Rs3 to 10.
Major losers included Bata Pakistan and Siemens Pakistan off Rs47 and 29.59. Others, which followed them, were led by New Jubilee Life Insurance, Lakson Tobacco, Attock Petroleum, Mari Gas, HinoPak, Sanofi-Aventis, Exide Pakistan, HinoPak, and Shezan International, off by Rs6.42 to 9.08.
Trading volume rose to 99m shares from the previous 73m shares but losers maintained a strong lead over the gainers at 275 to 101, with five shares holding on to the last levels.
Pak PTA led the list of actives, lower by 36 paisa at Rs6.99 on 13m shares followed by J. S. Large Capital Fund, easy by 29 paisa at 4.81 on 6m shares, J.S. & Co, off 58 paisa at 29.67 also on 6m shares, Bank of Punjab, steady by 24 paisa at 15.78 on 5m shares, Nishat Mills, lower by 81 paisa at 64.66 on 4m shares, Azgard Nine, off 57 paisa at Rs20 also on 4m shares, and Samba Bank, firm by 34 paisa at 3.53 on 3m shares.
Hub-Power followed them, easy by 13 paisa at 30.03 on 3m shares, Arif Habib Securities, off Rs1.57 also on 3m shares and PTCL, lower 31 paisa at 16.66 on 3m shares.
FUTURE CONTRACTS:
Nishat Mills came in for active selling and was marked down by 99 paisa at Rs64.92 on 0.453m shares, followed by PSO, off Rs4.63 at 285.89 on 58,000 shares, Lucky Cement, lower by Rs2.20 at 60 on 52,000 shares.
National Bank followed them, lower by Rs200 at 66.90 on 44,500 shares and MCB, sharply lower by Rs2.15 at 203.82 on 41,000 shares.
DEFAULTER COS:
Japan Power led the list of actives, lower by seven paisa at Rs1.60 on 85,049 shares, followed by Quice Foods, easy by one paisa at 1 on 13,500 shares and S. S. Oils, up 29 paisa at 4.27 on 12,000 shares.
Barring Globe Textiles and Suhail Jute, which rose and fell by one rupee each, all others were fractionally traded amid minor price changes.
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