On the first working day of the week Monday bearish trend engulfed Karachi Stock Exchange (KSE) 100-share with the index declining 37.24 points or 0.26 percent to close at 14, 527.25 points as compared to 14, 564.49 points of the previous session. The KSE 30-share index shed 19.74 points to close at 12, 604.16 points as compared to 12, 623.90 points of the previous session.
The Pakistan stocks closed bearish amid institutional profit taking in stocks across the board on concerns for unrest in the city and fall in global stocks on eurozone debt crises. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The market turnover was down to 27.548 million shares after opening at 96.121 million shares. The overall market capitalisation declined 0.04 percent and traded Rs 3.706 trillion as against Rs 3.717 trillion. Losers outnumbered gainers 70 to 128, while 25 stocks were unchanged.
Mehanti added that trade remained thin in the short session at KSE ahead of major corporate earning announcements due this week. The KMI 30-share was down by 46.36 points to close at 24, 973.35 points from its opening at 25, 019.71 points. The KSE all-share index closed with a loss of 28.37 points to 10, 216.88 points as against 10, 245.25 points.
Jahangir Siddiqui Company was the volume leader in the share market with 4.755 million shares as it closed at Rs 15.02 after opening at Rs 15.48. Fauji Fertilizer traded 1.726 million shares as it closed at Rs 118.16 after opening Rs 117.05. Descon Oxychem traded 1.488 million shares as it closed at Rs 4.34 from its opening at Rs 3.96. Nishat Mills Limited traded 1.232 million shares and closed at Rs 52.22 as against its opening at Rs 52.55. D.G.K Cement traded 1.012 million shares as it closed at Rs 44.78 as compared to its opening at Rs 44.98. He said that the investors remained cautious ahead of SC reaction on contempt law to protect PM amid concerns for Macroeconomic instability.
On the future market, the turnover remained negative to 5.138 million against 5.771 million shares of last working day of the week Friday. The Rafhan Maize Prod and Unilever Food, up Rs 168.26 and Rs 59.02, led highest price gainers while, National Foods and ICI Pakistan down Rs 10.05 and Rs 7.82 respectively, led the losers
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