The Karachi stock market saw a highly volatile session on Monday, following which the KSE-100 index closed almost flat at 12,464.49 points, gaining a mere 0.23 points. During almost all day the index kept oscillating between 12,516.33 points intra-day high and 12,421.85 points low.
Foreign investors remained on the selling side and sold shares worth $5.87 million (including off-market selling of $5 million). However, local investors, with interest mainly in fertiliser sector, supported the index to recover early losses. Trading volume at ready counter stood at 52.797 million shares as compared to 51.726 million shares traded on last trading session. Of 337 active scrips, 129 closed in negative and 114 in positive, while the values of 94 stocks remained unchanged.
Fatima Fertiliser Co was the volume leader with 9.695 million shares, and gained Re 1.00 to close at Rs 15.89. Fauji Fertiliser Co (FFC) and Fauji Fertiliser Bin Qasim surged by Rs 5.09 and Re 0.25 to close at Rs 157.05 and Rs 43.05 with 4.160 million shares and 2.453 million shares respectively. However, Engro Corp declined by Rs 5.40 to close at Rs 163.91 with 1.931 million shares.
Arif Habib Corp increased by Rs 1.25 to close at Rs 26.31 with 4.623 million shares. Lotte Pakistan PTA lost Re 0.11 to close at Rs 14.41 with 4.019 million shares. DG Khan Cement decreased by Re 0.11 to close at Rs 23.01 with 1.569 million shares. Azgard Nine closed at the same level of Rs 5.91 with 1.554 million shares. Bank Al Falah declined by Re 0.23 to close at Rs 9.52 with 1.513 million shares. Jahangir Siddiqui Co lost Re 0.06 to close at Rs 7.01 with 1.281 million shares.
Nestle Pakistan and Wyeth Pak were the highest gainers, increasing by Rs 182.45 and Rs 31.71 to close at Rs 4983.40 and Rs 896.57 respectively, while Philip Morris Pak and National Refinery were the worst losers declining by Rs 8.93 and Rs 6.78 to close at Rs 178.11 and Rs 359.27 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that while Fauji fertiliser and its junior partner led the gains, duly supported by other fertiliser stocks--Fatima and AHCL holding company from fertiliser sector--the mentioned stocks clearly led the gains and turnover. Engro, due to unprecedented sell-off due to various issues, stayed under severe pressure, allowing the fertiliser sector to witness a historic session, wherein AHCL followed the gains in Fatima Fertilisers.
The wider market, however, failed to match the fertiliser sector, thus disallowing the overall turnover to register improvement. With positive triggers still missing, the year-end portfolio dressing, that might allow price flare-up, was awaited by market participants who were seeking profit taking. Caution, therefore, stays the stance.
Decline by EU to extend preferential treatment to Pakistani goods exports, due to resistance by various regional countries, and flared up political environment, certainly added nervousness among the equity market participants, which are already cautious due to massive decline in turnover. All thanks to CGT implementation mode that restricted the number of participants, the market saw a dull session, wherein Nestle continued to offer low volume contribution to the index.
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