Market unchanged despite increase in volume

LAHORE - Even on the second consecutive day of the week on Tuesday, business in Karachi Stock Exchange (KSE) remained almost slow throughout the day and kept limited and dry despite the fact that volume of trade recorded one hundred percent increased. While benchmark KSE 100-index witnessing no change closed at 9,187.10 points and investors stayed away from business activities.
Trading remained restrained since the very beginning of the trading however, the volume of trade as compared yesterday jumped up by almost double the figure of 1,97,000 shares. Brokers and analysts are of the view that dormancy in the market could end after Eid ul Azha.
The market capitalisation was improved by Rs 36.061 million to Rs 2.820 trillion. This improvement shows that though trading volume improved a bit but lack of trader's interest still prevailed throughout the session.
After the announcement of pouring Rs 14.5 billion into stock market before lifting 'floor' mechanism by government quarters, brokers were expecting the hectic business activities today but their expectations were not fulfilled completely. However, as per news item published in these columns that government has sent a summary to IMF seeking approval for the removal of lower lock, traders remained relax, happy and now they are expected to take part gradually in trading with zeal.
National Assets scrip was the leader volumewise on Tuesday trading while in KSE business, four scrips recorded gains, one sustained losses and six remained unchanged out of a total of only 11 companies.
National Asset again was the volume leader like yesterday trading with a turnover of 1,59,000 shares as compared to 83,000 shares on Tuesday trading which contrary to yesterday gain value of Re 0.04 closed at Re 0.44 followed by Pak Com Leas which remained unchanged closed at Re 0.55 with volume of 28,500 shares. Pak Datacom Ltd also gained its value of Rs 2.44 closed at Rs 51.41 with volume of 3,200 shares. This was the maximum gain of today's business. Sitara Energy also gained Re 0.97 closed at Rs 19.62 with volume of 2,000 shares. While Mod Al-Mali was the sole scrip of today's business which lost its value of Re 0.50 closed at Rs 2.25 with volume of 1,500 shares traded. Southern Electric again gained of Re 0.05 closed at Rs 3.65 with volume of 1,000 shares. Chashma Sugar and KESE remained unchanged closed at Rs 5.70 and Rs 3.80 respectively with volumes of 500 shares each. While Japan Power, Millat Tractors and Uniliver Pak Ltd remained unchanged closed at Rs 4.50, Rs 163.92 and Rs 2340.00 with volumes of 500, 400 and 200 shares respectively.
Meanwhile, the KSE-30 index remained unchanged and closed at 9981.93 points and KMI-30 index with no change closed at 11224.18 points.
While, Lahore Stock market remained unchanged as LSE-25 index closed at 2825.36.
In all the 70 companies transacted on the day, no scrip could move up or down and rates of all other scrips remained unchanged.
Only PASL scrip was traded in Lahore market which remained unchanged closed at Rs 13.61 with volume of 500 shares.
Meanwhile, The Karachi Stock Exchange (KSE) has extended the suspension period of 15 companies for 60 days upon failing to comply with KSE requirements.
According to KSE, the action has been taken to protect the interest of trade and public. KSE management would remove the suspension after these companies comply with the requirements.
These companies includes: First Tawakkal Modaraba, Kohinoor Looms Ltd, Mian Sugar Mills, Tawakkal Garments Industries, Zahur Textiles, Tawakkal Polyester Industries, Tawakkal Ltd, Standard Insurance Co, Ayaz Textiles Mills, Mohib Exports Ltd, Data Agro Ltd, Muslim Ghee Mills Ltd, Ittefaq Textile Mills, Harnai Woolen Mills and Bela Engineering Ltd.