The Karachi Stock Exchange’s (KSE) benchmark 100-share index on Friday fell by 0.37 percent the Pakistan Stocks closed lower on institutional profit-taking in the earnings announcements session at KSE amid cautious activity ahead of SBP Policy announcement due next week. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The benchmark KSE 100-share Index declined by 54.24 points, or 0.37 percent, to 14, 676.43 points. The index moved both sides of the fence by 73.62 points, making an intra-day high of 14, 732.87 points and a low of 14, 659.25 points. The KSE 30-share index dropped 69.16 points, or 0.54 percent, to 12, 650.70 points.
Mehanti observed that the activity remained thin despite strong corporate earnings outlook and recovery in global stocks and commodities. Stocks that played a major role in driving the benchmark index down were D.G.Khan Cement, Maple Leaf Cement, Bank Al-Falah, Hub Power Company, Karachi Electricity Supply Corporation K.E.S.C, Engro Corporation, Jahangir Siddiqui Company, Fauji Fertilizer and Fauji Cement. A total of 142 companies’ stocks closed under selling pressure out of total 252 companies’ stocks that were active on the board. However, stocks of 96 companies managed to close in positive territory while 14 companies’ stocks closed unchanged. He added that the concerns for rising circular debt in Pakistan Energy sector, revenue loss to fertilizer sector on gas supply worries and pending CGT collection issues played a catalyst role in bearish sentiment at KSE. Moreover, about half a dozen stocks closed with over four percent decline in their share prices in the session. Turnover decreased to 48.437 million shares from 102.963 million shares traded in the previous session. Turnover in futures market down to 4.791 million shares from 7.503 million shares traded a day earlier. Market capitalization declined to Rs3.746 trillion from 3.760 trillion. DG Khan Cement was the turnover leader with 5.354 million shares and it closed at Rs46.63. It was followed by Maple Leaf Cement with turnover 3.860 million shares and it closed at Rs 6.62. Bank Al-Falah with turnover 3.333 million shares and it closed at Rs17.95. Hub Power Company was on the fourth position with 3.176 million shares turnover and it closed at Rs46.08. The UniLever Pakistan and Colgate Palmolive, up Rs 144.80 and Rs 19.99, led highest price gainers while, Shezan Inter and Pak Services, down Rs 10.72and Rs 7.50 respectively, led the losers.
Typical bear comeback
