Profit-taking bear, investment seeking bulls fail to settle dispute


Pakistan Stocks closed lower amid lower trades after institutional profit-taking in fertilizer stocks post lower than expected earning announcement for FFBL. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 6.49 points or 0.05 percent to close at 13,764.22 points as compared to 13,770.71 points of the previous session. The KSE 30-share index shed 57.10 points to close at 12,028.50 points as compared with 12,085.60 points.
The market turnover remains positive and traded 268.727 million shares after opening at 261.021 million shares. The overall market capitalization declined 0.05 percent and traded Rs 3.529 trillion as against Rs 3.531 trillion. Losers outnumbered gainers 153 to 133, while 80 stocks were unchanged.
Mehanti added “Improving Pak-US ties, Investor interest in bluechip oil and cement stocks on higher prices and strong valuations in the quarter end earnings announcement session at KSE supported the market.” The KMI 30-share was down by 128.17 points to close at 23,789.20 points from its opening at 23,917.91 points. The KSE all-share index closed with a loss of 4.28 points to 9,675.63 points as against 9,679.91 points.
Fauji Cement was the volume leader in the share market with 43.042 million shares as it closed at Rs 7.11 after opening at Rs 6.76, gaining 35 paisas. Jahangir Siddiqui Company Limited traded 33.227 million shares as it closed at Rs 16.84 after opening Rs 17.79 gaining 95 paisas. Lafarge Pakistan traded 32.482 million shares as it closed at Rs 5.11 from its opening at Rs 5.24, losing Rs 13 paisas. P.T.C.L.A traded 14.605 million shares and closed at Rs 13.28 as against its opening at Rs 12.96, rising 32 paisas. Dewan Cement traded 10.864 million shares as it closed at Rs 6.05 as compared to its opening at Rs 6.27, decreasing Rs 22 paisas.