Budget apprehension halts early bull surge

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The bulls kept dominating Karachi stocks market on first working day of the week Monday with benchmark, KSE 100-share index gained 17.96 points. The day saw the index closing up by 0.13 percent at 13,875.74 points against 13,857.78 points of Friday.
The Pakistan Stocks closed higher amid thin trades as investors remained cautious ahead of federal budget announcements due next month. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
On Monday, the trading volumes at the ready-counter were recorded lower at 81.448 million shares against 175.707 million shares of the previous day. The trading value too decreased to Rs 2.121 billion compared to Rs 5.160 billion of the previous session. The intraday high and low, respectively, stood at 13,943.36 and 13,857.78 points.
He added that the fall in global commodities and stocks affected the sentiments despite foreign interest in banking and oil sector stocks. The market capitalization increased to Rs 3.544 trillion from Rs 3.539 trillion a day earlier. Of the total 361 traded scrips, 139 gained, 143 lost and 79 finished as unchanged. The free-float KSE-30 index also gained 25.44 points to close at 12,006.24 points against the previous 11,980.80 points.
Jahangir Siddiqui Bank Limited was the day’s volume leader counting its traded shares at 10.720 million with the opening and closing rates standing at Rs 5.20 and Rs 5.80, followed by Jahangir Siddiqui Company Limited, D.G.K Cement, Bankislami Pakistan and Engro Foods Limited with turnover of 8.070 million, 7.217 million, 6.841 million and 3.403 million shares respectively.
According to analyst the trading remained in narrow range as investors awaited announcements on military aid to Pakistan during President visit for Chicago conference amid hopes for improvement in Pak-US relations on resumption of NATO supplies.
On the future market, the turnover recovered remarkably by over 5 million shares to 19.752 million against 14.502 million shares of last working day of the week Friday. The Mithchells Fruit and Wyeth Pakistan Limited, up Rs 10.73 and Rs 10.00, led highest price gainers while, Rafhan Maize XD and Dreamworld, down Rs 72.82 and Rs 21.15 respectively, led the losers.