Pakistan Stocks closed bearish amid institutional profit taking in stocks across the board on concerns for Pakistan military aid cut by $650m by US, rising fiscal deficit over 8.5% of GDP and security unrest in the city. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 28.38 points or 0.19 percent to close at 14,562.21 points as compared to 14,596.59 points of the previous session. The KSE 30-share index shed 37.06 points to close at 12,628.16 points as compared to the 12,665.22 points of the previous day.
The market turnover was down to 164.996 million shares after opening at 167.985 million shares. The overall market capitalisation declined 0.04 percent and traded Rs 3.719 trillion as against Rs 3.724 trillion. Losers outnumbered gainers 151 to 140, while 85 stocks were unchanged.
Mehanti added “Concerns for Moody’s downgrade of foreign and local currency bond ratings and Pakistan Banks deposit ratings affected the investor sentiments despite strong corporate earnings outlook.”
The KMI 30-share was plunged by 61.59 points to close at 25,057.14 points from its opening at 25,118.73 points. The KSE all-share index closed with a loss of 14.90 points to 10,251.81points as against 10,266.71
Jahangir Siddiqui Company was the volume leader in the share market with 33.435 on shares as it closed at Rs 16.40 opening at Rs 15.66. Azgard Nine traded 13.612 million shares as it opening at 7.22 and close at 7.18.Jahangir Siddiqui Investments Limited traded 10.864 million shares as it closed at Rs 10.02 after opening Rs 9.41. D.G.K Cement traded 9.215 million shares as it closed at Rs 45.17 from its opening at Rs 45.68.
Engro Foods Limited traded 6.636 million shares and closed at Rs 69.02 as against its opening at Rs 69.29. Arif Habib Corporation traded 5.538 million shares as it closed at Rs 33.78 as compared to its opening at Rs 33.51.
On the future market, the turnover decreased to 8.651 million against 9.672 million shares of Wednesday.
The Wyeth Pakistan Limited and UniLever Pakistan, up Rs 26.14 and Rs 19.75, led highest price gainers while, Mithchells Fruit and Bata Pakistan Limited down Rs 15.83 and Rs 10.18 respectively, led the losers.
