After the budget announcement a negative trend was seen at Karachi Stock Exchange. At local equity market benchmark KSE-100 share index plummeted by 158.60 points or 1.16 percent to finish the day’s trading at 13,558.70 points, as compared to 13,717.30 points of the second last working day of the week on Thursday.
Ahsan Mehanti, Director at Arif Habib Investments Limited stated that the stocks fell at KSE on institutional profit-taking as hopes dim over reduction in SBP key policy rates on fears for double digit inflation for next fiscal year.
KSE-All share index shed 106.65 points or 1.10 percent to end the day at 9,550.94 points, KSE-30 share index lost 162.18 points or 1.37 percent to end the day at 11,708.96 points while KMI-30 share index shed 282.36 points or 1.19 percent to close the day at 23,466.87 level.
Trading took place in 353 companies where losers outnumbered gainers 80 to 195 while values of 78 stocks remain intact. Bourse traded 124.437 million shares after opening at 110.652 million shares and the value of traded shares was Rs 4.019 billion as compared to Rs 2.759 billion of the previous trading session. He added that the stocks fell across the board on limited foreign interest, fall in global stocks and commodities, concerns over fall in rupee dollar parity.
Jahangir Siddiqui Company was the top traded company of the day with 21.968 million shares and gained Rs 0.90 to reach Rs 13.93. D.G.K.Cement was on the second position with 13.087 million shares and shed Rs 1.28 to reach Rs 39.82. They were followed by Engro Corporation, Azgard Nine, Jahangir Siddiqui Invesments Limited, Engro Foods Limited, National Bank Pakistan and Fauji Cement with turnovers of 7.409 million, 7.168 million, 6.080 million, 6.005 million, 3.666 million, and 2.979 million shares respectively.
Rafhan Maize XD was the biggest price gainer of the day and increased by Rs 132.97 to end at Rs 2963.47 followed by Mithchells Fruit up Rs 16.45 to end at Rs 345.63. Major losers included UniLever Pakistan down by Rs 51.50 to lock at Rs 7208.50 and Sanofi-Aventis Pakistan off Rs 9.13 to close at Rs 183.00 respectively.
