Stocks closed bearish amid thin trade on cautious note ahead of federal budget announcement due next month. Investor concerns over new restrictions on US aid and uncertainty over resumption of NATO supplies affected the sentiments despite hopes for early resolutions. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index declined 1.72 points or 0.01 percent to close at 14,228.77 points as compared to 14,230.28 points of the previous session. The KSE 30-share index shed 37.02 points to close at 12,410.41 points as compared with 12,373.39 points. The market turnover remains negative and traded 101.423 million shares after opening at 236.945 million shares. The overall market capitalization declined 0.02 percent and traded Rs 3.635 trillion as against Rs 3.634.60 trillion. Losers outnumbered gainers 153 to 128, while 93 stocks were unchanged. Mehanti added “Market continued its downward trend on back of fears over PAK-US relationship and boiling temperature at political front. As per latest news sources on weekend regarding expectations over resumption in NATO supply by end of current week would strengthen PAK-US relationship. We recommend cautious stance before taking new entry as budget related rumors would keep the market in volatile mood.” The KMI 30-share was down by 39.40 points to close at 24,558.99 points from its opening at 24,519.59 points. The KSE all-share index closed with a loss of 2.19 points to 9,985.47 points as against 9,983.28 points. The P.T.C.L.A was the volume leader in the share market with 11.272 million shares as it closed at Rs 16.36 after opening at Rs 16.08, down by 28 paisa. Jahangir Siddiqui Company Limited traded 9.144 million shares as it closed at Rs 16.19 after opening Rs 15.78 gaining 41 paisa. D.G.K Cement traded 7.897 million shares as it closed at Rs 44.95 from its opening at Rs 44.51, increasing Rs 44 paisas. Lotte Pakistan PTA traded 6.474 million shares and closed at Rs 9.54 as against its opening at Rs 9.54, rising one paisa. Engro Corporation traded 4.781 million shares as it closed at Rs 108.37 as compared to its opening at Rs 107.99, increasing Rs 36 paisas. Ismail Iqbal an analyst at Ismail Iqbal Securities Private Limited said that the security concerns in the city, limited foreign interest, fall in global stocks and commodities on Euro zone debt crises, power outrages to industrial sector and outstanding circular debt issues in Pakistan energy sector played catalyst role in bearish sentiments. On the future market, the turnover plunged by 12.647 million against 22.155 million shares of last week. The Unilever Food SPOT and Mithchells and, up Rs 133.85 and Rs 9.60, led highest price gainers while, Nestle Pakistan Limited and Rafhan Maize XD down Rs 205.81 and Rs 79.75 respectively, led the losers.
Bulls had a cross to bear
