Corporate earning bears, diplomatic bulls settle on a 7-pt plunge


Pakistan Stocks closed lower amid thin trade as investors remained cautious ahead of corporate earning announcements. Index traded in narrow range despite improved Pak-US relations and expectations for early release of $1.5bn US coalition support funds, said, Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 7.19 points or 0.05 percent to close at 14, 170.91 points as compared to 14, 178.10 points of the previous session. The KSE 30-share index shed 6.67 points to close at 12, 310.44 points as compared with 12, 303.77 points.
The market turnover remains negative and traded 38.844 million shares after opening at 100.826 million shares. The overall market capitalization declined 0.01 percent and traded Rs 3.608 trillion as against Rs 3.610 trillion. Losers outnumbered gainers 114 to 129, while 84 stocks were unchanged.
Mehanti added “Record cement dispatch data and positive sentiments in fertilizer sector on constant GIDC on feedstock supported the index to close above days low.” The KMI 30-share was up by 54.69 points to close at 24, 503.33 points from its opening at 24, 448.64 points. The KSE all-share index closed with a loss of 3.56 points to 9, 958.25 points as against 9, 961.81 points.
The D.K.G Cement was the volume leader in the share market with 6.723 million shares as it closed at Rs 41.72 after opening at Rs 41.06. Lafarge Pakistan traded 2.446 million shares as it closed at Rs 4.50 after opening Rs 4.56. Jahangir Siddiqui Company traded 2.058 million shares as it closed at Rs 13.10 from its opening at Rs 13.33. Fatima Fertilizer Company traded 1.759 million shares and closed at Rs 25.26 as against its opening at Rs 25.05. Bank Al-Habib traded 1.756 million shares as it closed at Rs 28.55 as compared to its opening at Rs 28.69.
On the future market, the turnover decreased by over five million shares 5.206 million against 10.010 million shares of Wednesday. The Unilever Food and Unilever Pakistan XD, up Rs 122.49 and Rs 95.00, led highest price gainers while, Siemens Pakistan and Bata Pakistan Limited down Rs 31.49 and Rs 26.60 respectively, led the losers.