Bears queue up amid PM nomination rumours


Karachi Stock Exchange (KSE) benchmark 100-share index on Thursday fell by 0.49 percent as the stocks closed bearish amid political concerns. Investors remained cautious ahead of the nomination of the new PM, dealers said. The benchmark KSE 100-share Index declined by 66.58 points, or 0.49 percent, to 13,600.60 points. The index moved both sides of the fence by 159.86 points, making an intra-day high of 13,697.08 points and a low of 13,537.22 points.
“Uncertain global stocks and commodities on concerns for global economic slowdown, limited foreign interest affected the sentiments,” said Ahsan Mehanti, Director at Arif Habib Investments Limited. The KSE 30-share index dropped 88.92 points, or 0.75 percent, to 11,746.51 points. Stocks that played a major role in driving the benchmark index down were Hub Power Company, DG Khan Cement, Lucky Cement, Nishat Chun Power, Engro Corporation, Pakistan Telecommunication Company Limited (PTCL), Fauji Fertilizer Company, Quice Food SPOT, Jahangir Siddiqui Company and Adamjee Insurance. Mehanti observed that power shortfall for industrial units and gas shutdown for fertiliser plants played the catalyst’s role in bearish activity at KSE.
A total of 157 companies’ stocks closed under selling pressure out of total 346 companies’ active on the board. However, stocks of 93 companies managed to close in the positive direction while 96 companies’ stocks closed unchanged. Moreover, about half a dozen stocks closed with over four percent decline in their share prices in the session. These included UniLever Food, Mithchells Fruit and Indus Motors. Turnover improved by three percent to 57.159 million shares from 47.417 million shares traded in the previous session. Turnover in futures market surged to 5.674 million shares from 4.973 million shares traded a day earlier. Market capitalisation declined by Rs18 billion to Rs3.470 trillion.
Pakistan Telecommunication Company Limited (PTCL) was the turnover leader with 5.142 million shares and it closed at Rs14.00. It was followed by Hub Power Company with turnover 3.995 million shares and it closed at Rs 41.93. DG Khan Cement with turnover 3.621 million shares and it closed at Rs39.0. Jahangir Siddiqui Company was on the fourth position with 3.035 million shares turnover and it closed at Rs13.12.
UniLever Pakistan and Siemens Pakistan, up Rs 67.43 and Rs 30.63, led highest price gainers while, UniLever Food and Mithchells Fruit, down Rs 58.50and Rs 14.15 respectively, led the losers.