Pakistan Stocks closed lower as investors remained cautious amid uncertainty over outcome of SC hearing on contempt case. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 15.18 points or 0.10 percent to close at 14, 512.07 points as compared to 14, 527.25 points of the previous session. The KSE 30-share index shed 25.86 points to close at 12, 578.30 points as compared to 12, 604.16 points.
The market turnover remains positive 56.853 million shares after opening at 27.548 million shares. The overall market capitalisation declined 0.02 percent and traded Rs 3.701 trillion as against Rs 3.706 trillion. Losers outnumbered gainers 76 to 128, while 27 stocks were unchanged.
Mehanti added that activity remained thin despite strong corporate earnings outlook as global stocks and commodities fall after Moody’s cut the outlook on Germany’s Aaa credit rating from “stable” to “negative”.
KMI-30 share decreased by 80.96 points to close at 24,892.39 points as compared to 24,973.35 points at the time of the opening. The KSE all-share index closed with a loss of 13.59 points to end the day at 10,203.29 points as against 10, 216.88 points.
Jahangir Siddiqui Growth Fund was the volume leader in the share market with 13.177 million shares as it closed at Rs 7.91 after opening at Rs 8.08. Nishat Chun Power traded 7.864 million shares as it closed at Rs 15.26 after opening Rs 15.35. D.G.K Cement traded 4.263 million shares as it closed at Rs 44.94 from its opening at Rs 44.78. Arif Habib Corporation traded 4.019 million shares and closed at Rs 34.05 as against its opening at Rs 33.82. Jahangir Siddiqui Company traded 3.092 million shares as it closed at Rs 15.17 as compared to its opening at Rs 15.02.
He said that security unrest in the city and concerns for rising circular debt in Pakistan Energy sector played a catalyst role in bearish sentiment at KSE.
On the future market, the turnover jumped over seven million to 12.958 million against 5.138 million shares of first working day of the week Monday. The Bata Pakistan Limited and Clariant Pakistan, up Rs 31.17 and Rs 2.90, led highest price gainers while, UniLever Food and National Foods down Rs 10.00 and Rs 6.22 respectively, led the losers
