Bears breed on apprehension

Pakistan stocks closed bearish on investor concerns over outcome of new restrictions on US aid and assistance subject to certification by US Secretary of State. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 193.40 points or 1.32 percent to close at 14,420.19 points as compared to 14,613.59 points of the previous session. The KSE 30-share index shed 187.49 points to close at 12,558.94 points as compared with 12,746.43 points.
The market turnover was down to 268.853 million shares after opening at 318.885 million shares. The overall market capitalization declined 0.05 percent and traded Rs 2.683 trillion as against Rs 3.732 trillion. Losers outnumbered gainers 94 to 225, while 51 stocks were unchanged.
Mehanti added “Limited foreign interest, fall in global stocks and commodities pending eurozone debt crises, outstanding circular debt issues in pakistan energy sector and uncertainty over federal budget announcements for banking sector played catalyst role in bearish sentiments amid consolidation in stocks across the board at KSE.” The KMI 30-share was plunged by 356.26 points to close at 24,767.74 points from its opening at 25,124.00 points. The KSE all-share index closed with a loss of 134.57 points to 10,116.60 points as against 10,251.17 points.
P.T.C.L.A was the volume leader in the share market with 31.447 million shares as it closed at Rs 15.33 after opening at Rs 16.20, down by 87 paisas. D.G.K Cement traded 28.602 million shares as it closed at Rs 46.83 after opening Rs 46.22 gaining 61 paisas. Lotte Pakistan PTA traded 25.710 million shares as it closed at Rs 9.77 from its opening at Rs 9.94, decreasing Rs 17 paisas. Fatima Fertilizer Company XD traded 23.424 million shares and closed at Rs 26.14 as against its opening at Rs 26.89, shed by Rs 75 paisas. Engro Corporation traded 17.393 million shares as it closed at Rs 113.67 as compared to its opening at Rs 118.93, decreasing Rs 5.26 paisas.
On the future market, the turnover decreased to 22.822 million against 23.241 million shares of Tuesday. The Unilever Food SPOT and Colgate Palmolive, up Rs 56.64 and Rs 43.75, led highest price gainers while, Unilever Pakistan SPOT and Rafhan Maize SPOT down Rs 86.43 and Rs 42.25 respectively, led the losers.