KSE bears the brunt of Indonesian earthquake

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Pakistan Stocks closed lower on concerns for fall in global stocks and commodities on weak US jobs data undermining global economic expectations. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 86.16 points or 0.62 percent to close at 13,816.96 points as compared to 13,903.12 points of the previous session. The KSE 30-share index shed 98.09 points to close at 12,063.72 points as compared with 12,161.81 points.
Analysts said that the massive earthquake off Indonesia’s western coast triggered a tsunami watch for countries across the Indian Ocean including Pakistan led investor concerns. The market turnover recovered remarkably 3 million and traded 511.29 million shares after opening at 290.42 million shares. The overall market capitalization declined 0.09 percent and traded Rs 3.550 trillion as against
Rs 3.574 trillion. Losers outnumbered gainers 150 to 148, while 78 stocks were unchanged. Mehanti added “Institutional support in cement stocks and selected oil and banking stocks supported the index ahead of major earning announcements and SBP key policy rate announcement due on April 13.”
The KMI 30-share was down by 114.91 points to close at 23,713.00 points from its opening at 23,827.91 points. The KSE all-share index closed with a loss of 49.16 points to 9,726.57 points as against 9,775.73 points. According to an analyst that the uncertainty over announcements on revised CGT regime, limited expectations for reduction in SBP key policy rate affected the sentiments.
Fauji Cement was the volume leader in the share market with 74.362 million shares as it closed at Rs 7.15 after opening at Rs 6.20, gaining 95 paisas. Lafarge Pakistan traded 62.602 million shares as it closed at Rs 5.58 from its opening at Rs 5.09, increasing Rs 51 paisas. Azgard Nine traded 40.968 million shares and closed at Rs 9.86 as against its opening at Rs 9.34, rising 52 paisas. Jahangir Siddiqui Company Limited traded 30.207 million shares as it closed at Rs 20.81 as compared to its opening at Rs 21.35, increasing 46 paisas.