Volume down as cricket fever rises
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.