KSE sees dull session

KARACHI - The Karachi Stock Exchanges benchmark 100-share index ended 0.04 percent, or 3.74 points, higher at 9,595.24 on turnover of 145.34 million shares on Tuesday. The intraday high was at 9,689.31 points.
On the other hand, the KSE 30-index closed at 9981.34 with a loss of 39.10 points. The KMI-30 index closed at 14145.62 with a loss of 15.83 points, while all shares index closed at 6807.40 with a gain of 3.16 points.
Trading activity was better as compared to the last trading session as the ready market volume stood at 191.775m as compared to last trading sessions 136.903m. Future market volume, however, stood at 1.402m shares as compared to 1.008m shares of last trading session.
Market capitalization stood over Rs2.761tr, as total trades increased to 91,812 as compared to last trading sessions 67,331, while 173 companies advanced, 190 declined and 22 remained unchanged.
Highest volumes were witnessed in LOTPTA at 20.797m closed at Rs11.09 with a loss of Re0.36 followed by KESC at 17.839m closed at Rs3.25 with a gain of Re0.22, PIAA at 14.903m closed at Rs3.60 with a gain of Re0.58.
The news that affected the trading activities at the market were; C/A deficit falls by $12bn on low imports; POL inflation to hit export target; Over 900 FBR auditors threatened; Al Meezan launches new fund; and consensus on oil pricing eludes experts.
The ongoing judiciary hearing of the loan write offs in previous 25 years, however, did invite activity in the banking stocks, steam however soon fizzled out after the expert opinion that suggested that the loans written off in accordance with the rules and regulations of SBP cannot be recovered, thus pouring hot water on the hopes of recovery.
After minor adjustment, the rates of the main stocks settled around previous closings, since BOPs recovery drive is likely to continue the stock price continued to register gains, along with FABL on its run for RBS.
Hasnain Asghar Ali, a market expert, said, 'Recommendations to stay cautious continues as in the recent past various efforts to built the sentiments have considerably failed to invite wide spread participation, mainly due to high impact cost, shallowness and unavailability of user friendly ready board leverage product, while various other issues work as an add on, thus disallowing improvement in sentiments.