KSE performs dismally on last of fiscal year

KARACHI - Lacklustre interest of investors changed direction of the market as the KSE 100-index lost 44 points to close at 7,162 points on Tuesday.
Last day of fiscal year was not as electrifying as it would be expected as a good day may provide to be a helping hand to asset management companies, which are about to announce their annual results. Selective activity was witnessed in government sector stocks mainly those eligible for support fund, thus restricting the benchmark from slipping below 7200 levels on closing basis. Certainly the attempt failed as the day end witnessed offloading by the day traders, mainly due to absence of carry over product. Implementation of new tax FED on the commission earned by the brokers is still a confusion, likely to be addressed if the finance minister visits the exchange on the scheduled July 4, 2009, said a stock-broker.
KSE-100 index kicked-off the day positively, gaining 10.68 points but unable to sustain the upward movement at the end, losing 43.99 points and closed at 7,162.18 points.
Trading activity was slightly better as compared to the last trading session. Ready market turnover remained 100.041 million shares against last trading sessions 95.747 million shares. Total trading value of the bourse decreased to Rs3.318 billion from Rs4.233 billion of last trading session.
Market capitalization came down to Rs 2.120tr as compared to last sessions Rs 2.134tr. Of total 302 active scrips at the Karachi stock market, as many as 110 gained value, 174 lost while the value of 18 cos remained unchanged.
PTCL dividend announcement of Rs1.50/share was unable to impress the investors, as it would benefit the revenue book of GoP. Despite hefty dividend, PTCL remained in red and closed on a negative note. Moreover the quarterly result announcement by BoP has been delayed, but BoP stood tall among the volume leader list.
Surprising entrant, Al-Abbas Cement hit the top spot without any good reason. To be optimistic and remain optimistic is the only way to make greater returns, said Bilal Asif of HMFS.
Al-Abbas Cement was crowned as the volume leader of the day with a turnover of 16.041 million shares. Other well-traded shares were PTCL with 8.558m shares, DGKC 5.867m shares, NBP 4.723m shares, BOP 4.661m shares, Samba Bank 4.584m shares, JSCL 4.422m shares, Azgard Nine 3.989m shares, AHSL 2.854m shares, OGDC 2.723m shares namely.
Top gainers at the KSE include Unilever Pak, up by Rs19.41/share to close at Rs1,950.01, Ferozsons Lab gained Rs6.50/share and closed at Rs157 with the trading of only 300 shares, Fazal Textile added Rs5/share and its value was improved to Rs355, Pak Refinery up by Rs3.90/share and closed at Rs89.80, Atlas Honda gained Rs3.45/share, closing at Rs94.23, Zulfeqar Industries up by Rs3.01/share and closed at Rs63.30.
On the other side, Wyeth Pak lost Rs18/share and closed at Rs1,261 with a turnover of only 60 shares, Bata Pak down by Rs16.50/share to close at Rs591, Pak Services lost Rs5.55/share and its value was decreased to Rs113.05, GlaxoSmithKline Pak down by Rs5.31/share and closed at Rs119.81, AKD Capital down by Rs3.62/share, closing at Rs74.70, Exide Pak lost Rs3.51/share and closed at Rs161.