Bearing the brunt of European debt crisis

The day saw the benchmark 100-share index slumped by 232.60 points to 14,081.07 points against 14,313.67 points of Tuesday. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the stocks closed bearish amid thin trade on cautious note as global stocks and commodities fall on concerns for Eurozone debt crisis. Total numbers of shares of 371 companies were traded on Wednesday, and at the end of the day total 76 stocks closed higher, total 237 are declined while 58 remained flat. The overall value of shares traded during the day was Rs5.133 million.The trading volumes at the ready-counter were recorded lower at 146.000 million shares against 152.800 million shares of the previous day. The trading value decreasing to Rs5.133 billion compared to Rs6.303 billion of the previous session. The intraday high and low, respectively, stood at 14,335.06 and 14,064.52 points. Market capitalisation declined to 3.597 trillion from 3.655 trillion.“Fall in local urea, cement prices and concerns over proposals for banking sector in federal budget due next month affected the market sentiments despite expectations for improvement of Pak-US relations after decisions on resumption of NATO supplies by defence committee of national cabinet,” viewed Mehanti. KSE all share-index ended the day at 9,881.86 points, down 159.81 points or 1.67 per cent, KSE 30-index stopped the day at 12,276.66 points, decreasing 224.54 points or 1.63 per cent while the KMI 30-index slumped by 414.11 points or 1.67percent to end the day at 24,350.80.DG Khan Cement was volume leader of the day, 15.980 million shares and down by Rs1.95 to close at Rs41.20 followed by Engro Foods Limited, PTCLA, Jahangir Siddiqui Company, Bankislami Pakistan, Fatima Fertilisers Company XD and Lotte Pakistan PTA with turnover of 14.795 million, 14.665 million and 9.115 million, 5.954 million, 4.763 million and 4.668 million shares respectively. He added that the security concerns in the city, limited foreign interest and outstanding circular debt issues in Pakistan energy sector played catalyst role in bearish sentiments at KSE. The Unilever Food XD and Mithchells Fruit, up Rs74.45 and Rs9.00, led highest price gainers while, Unilever Pakistan XD and Nestle Pakistan Limited, down Rs84.23 and Rs83.43 respectively, led the losers.