Market remains unchanged even after convincing trade volume

LAHORE - Business in Karachi Stock Exchange (KSE) on Thursday though remained unimpressive and dull throughout the day and kept limited and dry on the fourth consecutive day in a row but the heavy trading in Saritow scrip spurred the hopes of market liveliness while benchmark KSE 100-index witnessing no change closed at 9,187.10 points
The market capitalisation was eroded by Rs 264 billion to Rs 2.817 trillion.
A senior broker at a leading brokerage was of the view that though trading volume surged Thursday business to such a level for the first time in last two months but it remained limited to only one scrip - Saritow Spinning while traders did not take interest in other scrips and rest of the scrips volume remained thin as in the past, he added.
Another analyst was of the opinion that with the passage of time hopes for the injection of supporting fund in market are fading. Because most of the brokers and analysts have firm belief that this supporting fund would not be pumped into dilapidated market as IMF had given the clear instructions that unless Pakistan government does not receive aid from Friend of Pakistan countries, liquidity would not be flown to bourse. Earlier, brokers were expecting that KSE would also get its supporting share from the first instalment transferred to SBP account by Fund but their hopes dashed to ground when they listened speculations that IMF authorities had forbidden government to pour any supporting fund to market.
Saritow Sp scrip was remained leader volumewise on Thursday trading while in KSE business, three scrips recorded gains, two sustained losses and five remained unchanged out of a total of only 10 companies.
Saritow Sp scrip led the market with a huge turnover of 8,96,000 shares as compared to the 41,200 shares on Wednesday.
Saritow Sp shares though traded heavily but landed in negative column shedding Re 0.38 closed at Rs 1.06 followed by National Assets which remained unchanged closed at Re 0.43 with volume of 10,500 shares. While Sitara Energy lost its value though meagrely of Re 0.03 closed at Rs 20.49 with volume of 5,500 shares. However, Habib ADM Ltd gained its value of Re 0.33 closed at Rs 9.69 with volume of 1,500 shares traded. Al-Zamin Leas and Gauhar Leasing Ltd remained unchanged closed at Rs 1.75 and Rs 1.00 respectively with volumes of 1,000 shares each. Gatron Industry also remained unchanged closed at Rs 44.10 with volume of 9,00 shares. While Pakdata Com Ltd gained further value of Re 0.04 closed at Rs 51.35 with volume of 500 shares. While Millat Tractor and Askari Bank scrips remained unchanged closed at Rs 163.92 and 27.98 respectively with volume traded 500 shares. Meanwhile, the KSE-30 index remained unchanged and closed at 9958.81 points while KMI-30 index with no change closed at 11224.18 points.