Stocks closed bearish amid thin trades on investor concerns over unstable macroeconomic situation and falling rupee dollar parity following statement by SBP chief on economic challenges. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index plunged by 200.09 points or 1.42 percent to close at 13,871.76 points as compared to 14,071.85 points of the previous session. The KSE 30-share index shed 221.93 points to close at 12,021.35 points as compared with 12,243.28 points.
The market turnover was down to 129.271 million shares after opening at 160.177 million shares. The overall market capitalization declined 0.08 percent and traded Rs 3.548 trillion as against Rs 3.601 trillion. Losers outnumbered gainers 99 to 201, while 67 stocks were unchanged.
Mehanti added “Proposals for increase in gas development cess for industrial sector, fall in global stocks and commodities on Euro zone debt crises, limited foreign and institutional support played a catalyst role in bearish sentiments in stocks across the board.” The KMI 30-share was down by 277.54 points to close at 24,093.60 points from its opening at 24,371.14 points. The KSE all-share index closed with a loss of 137.86 points to 9,771.30 points as against 9,909.16 points. Bankislami Pakistan was the volume leader in the share market with 15.507 million shares as it closed at Rs 11.42 after opening at Rs 12.04. Engro Corporation traded 9.283 million shares. D.G.K Cement traded 8.711 million shares. Jahangir Siddiqi Company traded 8.501 million shares. Fauji Cement traded 5.955 million shares. TRG Pakistan Limited traded 5.648 million shares.
He said that the Investors remained cautious ahead of federal budget announcements and uncertainty over Pak-US relations ahead of disbursement of US aid pending progress over NATO supplies.
On the future market, the turnover recoverd by over one million to 11.403 million against 10.043 million shares of Tuesday.
The Rafhan Maize XD and Mithchells Fruit, up Rs 29.12 and Rs 15.05, led highest price gainers while, Unilever Food XD and Nestle Pakistan Limited down Rs 152.37 and Rs 50.13 respectively, led the losers.
