Bears smell honey, bulls run over it

Stocks closed lower as investors remained cautious ahead of federal budget announcements due next week. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 11.86 points or 0.09 percent to close at 13,925.06 points as compared to 13,936.92 points of the previous session. The KSE 30-share index shed 8.99 points to close at 12,090.20 points as compared with 12,081.21 points.
The market turnover remains negative and traded 1.652 million shares after opening at 1.775 million shares. The overall market capitalization declined 0.01 percent and traded Rs 3.5627 trillion as against Rs 3.3.5628 trillion. Losers outnumbered gainers 155 to 123, while 83 stocks were unchanged.
Mehanti added “Uncertain global stocks and lower global commodities on possible Greece exit from euro-zone and limited foreign interest affected the sentiments.”
The KMI 30-share was down by 73.55 points to close at 24,120.35 points from its opening at 24,046.80 points. The KSE all-share index closed with a loss of 0.95 points to 9,802.02 points as against 9,802.97 points.
The Hub Power Company was the volume leader in the share market with 27.071 million shares as it closed at Rs 40.97 after opening at Rs 39.02. Bank Islami Pakistan traded 13.923 million shares as it closed at Rs 11.20 after opening Rs 10.20. P.T.C.L.A traded 12.513 million shares as it closed at Rs 15.87 from its opening at Rs 15.39. Lafarge Pakistan traded 10.348 million shares and closed at Rs 4.77 as against its opening at Rs 4.42. D.G.K Cement traded 9.887 million shares as it closed at Rs 42.77 as compared to its opening at Rs 42.08.
He said that the rising local cement prices invited institutional interest despite of uncertainty over Pak-US relations and disbursement of US aid pending progress over NATO supplies.
On the future market, the turnover recovered remarkably by over 6 million shares 29.056 million against 22.258 million shares of Thursday.
The Unilever Pakistan XD and Mithchells Fruit and, up Rs 43.05 and Rs 12.23, led highest price gainers while, Nestle Pakistan Limited and Wyeth Pakistan Limited down Rs 46.41 and Rs 11.33 respectively, led the losers.