Bears are macroeconomic connoisseurs


Pakistan Stocks closed lower amid thin trade on investor concerns for uncertain macroeconomic situation, security concerns regarding Nato supply routes and limited foreign interest ahead of release of pending US Coalition Support Funds, as viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange (KSE) 100-share index declined 26.88 points or 0.18 percent to close at 14, 526.41 points as compared to 14, 553.29 points of the previous session. The KSE 30-share index shed 11.04 points to close at 12, 581.70 points as compared with 12, 592.74 points.
The market turnover was down to 58.339 million shares after opening at 81.467 million shares. The overall market capitalization declined 0.02 percent and traded Rs 3.708 trillion as against Rs 3.714 trillion. Losers outnumbered gainers 98 to 121, while 20 stocks were unchanged.
Mehanti added that the activity remained thin despite strong corporate earnings outlook and recovery in global stocks and commodities.
The KMI 30-share was decreased by 5.16 points to close at 24, 983.36 points from its opening at 24, 988.52 points. The KSE all-share index closed with a loss of 14.19 points to 10, 222.70 points as against 10, 236.89 points.
Pakistan Telecom Company (P.T.C.L.A) was the volume leader in the share market with 7.288 million shares as it closed at Rs 14.26 after opening at Rs 14.77. D.G.K Cement traded 6.811 million shares as it closed at Rs 45.90 after opening Rs 45.47. Jahangir Siddiqui Company traded 5.888 million shares as it closed at Rs 16.04 from its opening at Rs 16.22. Maple Leafn Cement traded 3.203 million shares and closed at Rs 6.25 as against its opening at Rs 5.76. Engro Food Limited traded 2.399 million shares as it closed at Rs 69.50 as compared to its opening at Rs 68.56.
He said that the concerns for rising circular debt in Pakistan Energy sector, revenue loss to fertilizer sector on gas supply worries played a catalyst role in bearish sentiment at KSE.
On the future market, the turnover up by over four million to 19.443 million against 15.694 million shares of second last working day of the week Thursday.
The Rafhan Maize Prod and Unilever Pakistan, up Rs 176.40 and Rs 35.00, led highest price gainers while, UniLever Food and Shahtaj Sugar Mills, down Rs 40.00 and Rs 3.28 respectively, led the losers.