KARACHI, July 26: Stocks slipped on Thursday with the KSE-100 index down 11.39 points to 14,553.29 points. Volume in terms of shares increased by 42 per cent to 81 million shares, from 57 million shares traded the day before.

Yet trading value was slightly higher by Rs305 million to Rs2.961 billion, from Rs2.557 billion. Investors played on both sides of the fence, as the market lacked triggers and remained in search of direction.

The great expectations on upcoming corporate results made investors hold on to the high dividend yield stocks. Yet the worries over judicial pronouncements, though postponed for two weeks remained at the back of investors’ mind.

There was no urgency on the part of investors to take firm positions on either side, which led to low volatility of just around 70 points, the index high at 14,617.43 points and low at 14,547.77 points and a change of less than Re1 in prices of most of the 10-top volume leaders.

Foreign investors continued to buy albeit at a lower pace; the net purchase at $0.35 million on Thursday. Among other class of investors, Companies went into heavy buying of $4.08 million worth stocks and individuals also picked up stocks valued at $2.52 million.

Samar Iqbal, equity dealer at Topline Securities said that the market saw mixed activity in spite of positive news flow. Reduction in T-Bill yield and likely reimbursement of $1.1 billion by US did not have any major impact on the share prices.

Ahsan Mehanti at Arif Habib Corp observed that activity remained thin despite strong corporate earnings outlook and recovery in global stocks and commodities. Concerns for rising circular debt in energy sector, revenue loss to fertiliser sector on gas supply worries played a catalyst role in bearish sentiment at KSE, he said.

Hasnain Asghar Ali, COO at Escorts Capital, said that the front line stocks witnessed technical reshuffle and future switching. The sidelined participants awaited deeper discounts for placements.

Volume leaders’ negative outlook stayed prominent but the exchange of healthy volumes on decline, and hefty volumetric trade in JSCL and DGKC, besides allowing increase in overall turnover, kept day traders poised for intra-day trading activity.

He mentioned that the upcoming corporate announcements, eased up temperatures on political front and the likely visit of delegates from neighbouring countries would continue to produce short term triggers, along with receipt of funds from US, which was hoped to soothe macro economic numbers.

Although concerns on political front and judicial decisions could trigger volatility going forward, low multiples and healthy cash payouts could help limit the downside. The low volume due to Ramazan and overlapping roll-over period might however continue to restrict turnover for upcoming sessions. In case of improvement in volumes, intra-day activity could take place in frontline stocks.

The KSE-30 index shed 40.38 points to 12,592.74 points. Market capitalisation decreased by Rs1 billion to Rs3.714 trillion, from Rs3.715 trillion the previous day.

In all, 270 stocks came up for trading on Thursday, with 114 gainers; 133 losers and 23 maintaining old values.

The volume leader list showed Hubco at first place with 12m shares down 6 paisa to Rs43.10.

Jah Sidd Co added 63 paisa to Rs16.22 on 11m shares, D.G. Khan Cement was up by 16 paisa to Rs45.47 on 6m shares, JS Growth Fund edged higher by 5 paisa to Rs8.20 on 3m shares and Lucky Cement lost Rs1.45 to Rs128.89 on 3m shares.

Bank of Punjab rose by 22 paisa to Rs8.82 on 3m shares, JS Investments climbed by 32 paisa to Rs9.73 on 2m shares, Askari Bank rose 9 paisa to Rs15.59 on 2m shares, NBP slid 10 paisa to Rs45.84 on 2m shares and Bank Alfalah shed 6 paisa to Rs17.98 on 2m shares.