Thursday saw the Karachi stocks market shedding 113.83 points amid what the analysts said institutional profit-taking in blue-chip stocks ahead of major earning announcements due next week.
The benchmark, KSE 100-share index closed at 13,831.47 points against Wednesday’s 13,945.30 points. The intraday high and low was recorded, respectively, at 13,985.14 and 13,811.04 points.
According to Ahsan Mehanti, director Arif Habib Investments, the negatives like uncertainty over announcements on the revised Capital Gains Tax regime and concerns over the security situation in the city after Malir blast affected the investors’ sentiments.
The trading volumes at the ready-counter were recorded higher at 457.944 million shares against 409.301 million shares of the previous trading session. The trading value too increased to Rs 9.375 billion as against Rs 9.219 billion on Wednesday.
“Speculations in cement stocks after rise in local and export prices and expectations for stronger earnings outlook in oil sector supported the market to close above its days low,” said Mehanti.
The market capital dropped slightly and closed at Rs 3.549 trillion compared to Rs 3.575 trillion a day earlier. Of the total 374 traded scrips, 146 gained, 158 lost and 70 finished as unchanged.
The free-float KSE-30 index also shed 91 points to finish at 12,181.16 points against the previous 12,272.53 points.
Lafarge Pakistan maintained its status of the day’s volume leader and counted its traded shares at 33.024 million with the opening and closing rates standing, respectively, at Rs 5.11 and Rs 5.17.
The companies followed include D.G Khan Cement, Jahangir Siddiqui Company, Fauji Cement, Dewan Cement, Bank of Punjab, National Bank of Pakistan, Engro Polymer, IGI Investment Bank and Azgard Nine whose trading turnover for the day was counted at 29.59 million, 29.31 million, 26.800 million, 26.68 million, 20.84 million, 17.90 million, 17.53 million, 15.63 million and 14.98 million shares, respectively.
On the future market, the trading volume jumped to 26.382 million shares against 16.66 million of the previous day.
Massive bear hug halts bull run amid institutional profit-taking
