Profit-taking bears pull down KSE

Stocks closed bearish on thin trades as investor awaited federal budget proposals for corporate sector.
Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index declined 17.99 points or 0.13 percent to close at 14,063.08 points as compared to 14,081.07 points of the previous session. The KSE 30-share index shed 02.48 points to close at 12,274.18 points as compared with 12,276.66 points. market turnover was down to 143.055 million shares after opening at 146.000 million shares. The overall market capitalization declined 0.04 percent and traded Rs 3.593 trillion as against Rs 3.597 trillion. Losers outnumbered gainers 170 to 140, while 74 stocks were unchanged.
Mehanti added “Fall in global stocks and commodities on Greek debt worries and limited foreign interest affected the sentiments despite expectations for Pak-US relations on resumption of NATO supplies.”
The KMI 30-share was down by 13.37 points to close at 24,337.43 points from its opening at 24,350.80 points. The KSE all-share index closed with a loss of 6.17 points to 9,875.69 points as against 9,881.86 points.
P.T.C.L.A was the volume leader in the share market with 19.305 million shares as it closed at Rs 15.59 after opening at Rs 16.12, down by 51 paisas. D.G.K Cement traded 17.241 million shares as it closed at Rs 42.50 after opening Rs 41.20 shed by 1.30 paisas.
Bankislami Pakistan traded 13.017 million shares as it closed at Rs 9.95 from its opening at Rs 8.97, decreasing Rs 1.02 paisas. Jahangir Siddiqi Company traded 11.744 million shares and closed at Rs 15.94 as against its opening at Rs 15.91, gaining Rs 0.3 paisas. Engro Foods Limited traded 7.529 million shares as it closed at Rs 63.60 as compared to its opening at Rs 60.58, increasing Rs 3.02 paisas. He said that the status quo for Pakistan in frontier market index in MSCI semi annual review, fall in local cement prices and concerns for outstanding circular debt issues in pakistan energy sector played catalyst role in bearish sentiments at KSE.
On the future market, the turnover recoverd remarkably by over 3 million to 16.017 million against 13.050 million shares of Wednesday. The Unilever Pakistan XD and Nestle Pakistan Limited, up Rs 105.00 1and Rs 21.25, led highest price gainers while, Unilever Food XD and Rafhan Maize XD down Rs 130.45 and Rs 100.00 respectively, led the losers.