Bears breed on paranoid investors


Pakistan Stocks closed lower amid record low trades on cautious activity in blue chip stocks after verdict on speakers ruling case. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index declined 15.81 points or 0.12 percent to close at 13,667.18 points as compared to 13,682.99 points of the previous session. The KSE 30-share index shed 17.07 points to close at 11,835.43 points as compared with 11,852.50 points.
The market turnover was down to 47.417 million shares after opening at 75.992 million shares. The overall market capitalization declined 0.02 percent and traded Rs 3.488 trillion as against Rs 3.492 trillion. Losers outnumbered gainers 117 to 144, while 86 stocks were unchanged. Mehanti added that the investor awaited announcements regarding nomination of new PM and KSE 100 index traded in narrow range despite recovery in global stocks and commodities. The KMI 30-share was down by 37.95 points to close at 23,667.83 points from its opening at 23,705.78 points. The KSE all-share index closed with a loss of 12.90 points to 9,625.90 points as against 9,638.80 points.
Jahangir Siddiqui Company was the volume leader in the share market with 4.696 million shares as it closed at Rs 13.32 after opening at Rs 13.46. D.G.K Cement traded 3.450 million shares as it closed at Rs 40.03 after opening Rs 40.34. Hub Power Company traded 2.905 million shares as it closed at Rs 41.80 from its opening at Rs 41.99. Lotte Pakistan PTA traded 2.618 million shares and closed at Rs 7.57 as against its opening at Rs 7.35. Fauji Fertilizers Bin traded 2.389 million shares as it closed at Rs 41.11 as compared to its opening at Rs 40.93. He said that the Gas shortage for fertilizer sector, power crises for industrial sector and circular debt issues in energy sector played a catalyst role in bearish sentiments at KSE.
On the future market, the turnover down by over 4 million to 4.973 million against 8.385 million shares of Tuesday. The Unilever Pakistan XD and Nestle Pakistan Limited, up Rs 39.09 and Rs 25.14, led highest price gainers while, Mithchells Fruit and Island Textile down Rs 13.29 and Rs 9.43 respectively, led the losers.