Vol­ume down as cricket fever rises

The Financial Daily - - MONEY & FOREX - Nawaz Ali

KARACHI: Bullish ac­tiv­i­ties con­tin­ued at the Karachi Stock Ex­change on Wed­nes­day, driven by buy­ing in ce­ment and fer­tiliser stocks. How­ever, vol­umes re­mained low as in­vestors pre­ferred to stay on the side­lines dur­ing a cur­tailed trad­ing session ahead of the cricket world cup semi fi­nal.

The bench­mark KSE-100 in­dex in­creased by 97 points - 0.83 per cent to close at 11,808 points, KSE-30 in­dex jumped by 113 points - 0.99 per cent to close at 11,542 points ands KSE all-share in­dex grew by 66 points - 0.82 per cent to close at 8,225 points.

"The cricket ma­nia kept in­vestors away from stock mar­ket", said Sa­mar Iqbal, equity dealer at Topline Se­cu­ri­ties.

Just 52.3 mil­lion shares ex­changed hands dur­ing the day which was 58 mil­lion shares less as com­pared to a turnover of 110.3 mil­lion shares a day ear­lier.

The semi fi­nal of the ICC Cricket World Cup 2011 was played be­tween the two arch ri­vals In­dia and Pak­istan. The gov­ern­ment an­nounced a half­day off in the coun­try, whereas Sindh pro­vin­cial gov­ern­ment an­nounced hol­i­day. To fa­cil­i­tate the in­vestors to en­joy the hype trad­ing time was cur­tailed by 90 min­utes and mar­ket closed at 2:00 PST.

The day started on a pos­i­tive note with mar­ket up 24 points. Dur­ing the ini­tial hour in­dex wit­nessed some mix ac­tiv­i­ties mov­ing on both sides and touched an in­tra-day low of 11,683 points (-ve 28). How­ever re­newed buy­ing ac­tiv­i­ties al­lowed the in­dex to bounce back as in­vestors hoped some break through in trade and in­dus­trial ex­ports to In­dia dur­ing visit of Pak­istani prime min­is­ter to In­dia to watch the cricket match. The in­dex re­mained in the pos­i­tive zone till the clos­ing bells rang due to con­tin­ued buy­ing pri­mar­ily in ce­ment and fer­tiliser stocks. The in­dex near the end of the trad­ing session touched its high­est level of the day of 11,822 points (+ve 111) and fi­nally ended the session near those lev­els.



fer­tiliser stocks re­mained in limelight. In­vestors ac­cu­mu­late cements stocks due to in­crease in ce­ment prices. Fer­tiliser stocks re­mained in limelight in an­tic­i­pa­tion of ex­cel­lent quar­terly re­sults", added Sa­mar Iqbal.

Lucky Ce­ment was the vol­ume leader with 4.95 mil­lion shares fol­lowed by Arif Habib Cor­po­ra­tion by 4.78 mil­lion shares and Fa­tima Fer­tiliser with 3.21 mil­lion hares.

Out of to­tal 328 ac­tive is­sues; 159 ad­vanced and 74 de­clined while 95 is­sues re­mained un­changed.

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