Uncle Sam is sorry… and so are the bulls

Pakistan Stocks closed lower amid profit taking ahead of corporate earning announcements due next week, as viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index declined 22.69 points or 0.16 percent to close at 14,178.10 points as compared to 14,200.79 points of the previous session. The KSE 30-share index shed 1.17 points to close at 12,303.77 points as compared with 12,302.60 points.
The market turnover was down to 100.826 million shares after opening at 119.364 million shares. The overall market capitalization declined 0.02 percent and traded Rs 3.610 trillion as against Rs 3.616 trillion. Losers outnumbered gainers 133 to 131, while 96 stocks were unchanged. Mehanti added “Institutional support witnessed in blue chip stocks after unblocking of Nato routes. Apologies from US for killing of Pakistan troops kept investor sentiments positive.”
The KMI 30-share was plunged by 46.09 points to close at 24,448.64 points from its opening at 24,402.55 points. The KSE all-share index closed with a loss of 16.13 points to 9,961.81 points as against 9,977.94 points. He said that limited foreign interest amid uncertain global markets played a catalyst role in bearish activity at KSE.
D.G.K Cement was the volume leader in the share market with 10.946 million shares as it closed at Rs 41.06after opening at Rs 41.08. Pakistan Telecom Company P.T.C.L.A traded 8.022 million shares as it opening at 14.60 and close at 14.52. Jahangir Siddiqi Company traded 5.261 million shares as it closed at Rs 13.33 after opening Rs 13.55. Fauji Fertilizer traded 5.048 million shares as it closed at Rs 115.54 from its opening at Rs |114.28. Nishat Mills Limited traded 4.323 million shares and closed at Rs 51.13 as against its opening at Rs 49.30. National Bank of Pakistan traded 3.842 million shares as it closed at Rs 44.87 as compared to its opening at Rs 45.14.
On the future market, the turnover decreased to 10.010 million against 11.244 million shares of Tuesday. The UniLever Pakistan and Nestle Pakistan Limited, up Rs 71.16 and Rs 14.28, led highest price gainers while, Rafhan Maize XD and Colgate Palmolive down Rs 77.34 and Rs 30.09 respectively, led the losers.