Bears hold on tight to the honey jar

Stocks closed lower amid thin trades at KSE as investor remained cautious ahead of federal budget announcements due tomorrow. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 85.14 points or 0.61 percent to close at 13,786.62 points as compared to 13,871.76 points of the previous session. The KSE 30-share index shed 70.28 points to close at 11,951.07 points as compared with 12,021.35 points. The market turnover was down to 124.763 million shares after opening at 129.271 million shares. The overall market capitalization declined 0.04 percent and traded Rs 3.527 trillion as against Rs 3.548 trillion. Losers outnumbered gainers 106 to 185, while 74 stocks were unchanged.
Mehanti added “Uncertain global stocks and commodities, concerns over fall in rupee dollar parity amid macroeconomic instability and uncertainty over Pak-US relations on NATO supply issue played catalyst role in bearish sentiments despite support in cement and power sector on pre-budget speculations.”
The KMI 30-share was plunged by 117.17 points to close at 23,976.43 points from its opening at 24,093.60 points. The KSE all-share index closed with a loss of 56.97 points to 9,714.33 points as against 9,771.30 points. D.G.K Cement was the volume leader in the share market with 12.394 million shares as it closed at Rs 41.14 after opening at Rs 41.49. Jahangir Siddiqi Company traded 11.123 million shares as it closed at Rs 14.85 after opening Rs 15.62 Engro Corporation traded 9.459 million shares as it closed at Rs 107.60 from its opening at Rs 108.50. Lucky Cement traded 7.987 million shares and closed at Rs 126.29 as against its opening at Rs 126.38. Engro Foods Limited traded 5.753 million shares as it closed at Rs 65.19 as compared to its opening at Rs 68.20.
On the future market, the turnover recovered remarkably to 13.488 million against 11.403 million shares of Wednesday. The Rafhan Maize XD and Mithchells Fruit, up Rs 20.70 and Rs 15.79, led highest price gainers while, Unilever Pakistan XD and Nestle Pakistan Limited down Rs 68.61 and Rs 20.44 respectively, led the losers.