Bears take Uncle Sam’s cue

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Karachi stocks were battered after US pulled NATO negotiators from Pakistan leading to uncertainties Pak-US ties. This was asserted by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index plunged 171.90 points or 1.26 percent to close at 13,429.56 points as compared to 13,601.46 points of the previous session. The KSE 30-share index shed 188.43 points to close at 11,558.22 points as compared to 11,746.65 points of the previous session. The market turnover remained positive and traded 70.704 million shares after opening at 60.206 million shares. The overall market capitalisation declined 0.05 percent and traded Rs 3.428 trillion as against Rs 3.471 trillion. Losers outnumbered gainers 75 to 196, while 71 stocks were unchanged.
Mehanti added “-Uncertain global stocks and fall in global commodities affected the sentiments despite hopes for ease in macroeconomic issues after China agrees to place $500m with SBP defuse pressure on current account and depletion of FX reserves.” The KMI 30-share was down by 371.11 points to close at 23,221.09 points from its opening at 23,592.20 points. The KSE all-share index closed with a loss of 371.11 points to 9,460.51 points as against 9,578.99 points.
The Lucky Cement was the volume leader in the share market with 5.418 million shares as it closed at Rs 117.37 after opening at Rs 123.02. Jahangir Siddiqui Company Limited traded 5.359 million shares as it closed at Rs 14.08 after opening Rs 14.49. D.G.K Cement traded 5.102 million shares as it closed at Rs 39.43 from its opening at Rs 40.24. P.T.C.L.A traded 4.000 million shares and closed at Rs 13.89 as against its opening at Rs 14.37. Hub Power Company traded 3.560 million shares as it closed at Rs 40.22 as compared to its opening at Rs 40.42.
On the future market, the turnover plunged by 8.706 million against 10.772 million shares of the last day. The Rafhan Maize XD and Siemens Pakistan and, up Rs 33.06 and Rs 15.13, led highest price gainers while, UniLever Pakistan and Millat Tractors down Rs 85.16 and Rs 12.04 respectively, led the losers.