The KSE 100-share index suffered a modest correction of 65.11 points at 11,868.17 as some of the leading base shares came in for active selling under the lead of Engro Corporation, Fauji Fertiliser Bin Qasim and some others.
But all remained focused on the National Bank, which rose by a massive four per cent on a record volume of about 9m shares on reports that its loan may be converted into Pakistan Investment Bonds, says a leading analyst Samar Iqbal.
Active covering purchases at the lower levels, notably on those counters, which have the potential to rebound after each fall reflects that market is expected to be back on the rail by Wednesday, he said.
Bulk of the selling was confined to the recent favourites, notably fertiliser shares, which have been in strong demand over the last couple of sessions on reports of higher payouts owing to increase in urea prices, floor brokers said.
However, there is nothing to suggest that the current bull-run is overdone, said another leading analyst Ahsan Mehanti.
“Profit-selling in an overbought market is a part of the share business as it paves the way for fresh buying.”
“Investors are rolling positions from one sector to the other ahead of a possible downward revision of the discount rate,” he said and added “the sectors, which can be the chief beneficiary of the cut will again be in the limelight.”
Prominent losers were led by Nestle Pakistan and Wyeth Pakistan, off by Rs102.68 and 24.20, while among the top gainers were, Unilever Pakistan and Bhanero Textiles, which rose by Rs24 and Rs6.50 on renewed support.
Traded volume fell to 82.644m shares from the previous 106m shares as losers held a modest lead over gainers at 167 to 122, with 91 shares holding on to the last levels.
The active list was led by National Bank, up Rs1.77 at 48.88 on 9m shares followed by Fauji Fertiliser Bin Qasim, off Rs1.07 at 60.70 also on 9m shares, Fatima Fertiliser, lower by 29 paisa at 19.69 on 7m shares, Fauji Fertiliser, higher by Rs1.93 at
171.55 on 5m shares, Lucky Cement, steady by 21 paisa at 75.13 on 4m shares, DG Khan Cement, higher by 41 paisa at 21.14 on 4m shares and Fauji Cement, steady by 19 paisa at 4.28 on 3m shares.
They were followed by Bank of Punjab, firm by two paisa at 6.53 on 3m shares, Engro Corporation, sharply lower by Rs3.68 at 138.74 also on 3m shares and Bank Al Falah, easy nine paisa at 11.55 on 3m shares.
FUTURE CONTRACTS: Fauji Fertiliser Bin Qasim came in for active selling and fell by Rs1.05 at 61.20 on 2.197m shares followed by National Bank, higher by Rs1.67 at 49.14 on 1,350m shares and Engro Corporation, sharply lower by Rs3.59 on 1.042m shares.But Fauji Fertiliser on the other hand came in for renewed support and was quoted further higher by Rs1.13 at 173.12 on 0.591m shares and DG Khan Cement, up 38 paisa at 1.26 on 0.471m shares.
DEFAULTER COs: The activity on this counter was relatively slow in the absence of active demand. Prices showed either way fractional price changes amid light turnover.
Japan Power led the list of actives, unchanged at Rs0.91 on 17,802m shares followed by S S Oils, steady by 26 paisa at 5.25 on 12,000 shares and Service Textiles, firm by seven paisa at 0.86 on 11,500 shares. source www.dawn.com
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