Pakistan Stocks closed lower amid high volumes on institutional profit taking after fall in global commodities and capital markets on global growth fears. This was opined by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index declined 41.37 points or 0.27 percent to close at 15,039.18 points as compared to 15,080.55 points of the previous session. The KSE 30-share index shed 42.83points to close at 12,860.05 points as compared with 12,902.88 points. The market turnover remains positive at 315.106 million shares after opening at 222.195 million shares. The overall market capitalization declined 0.02 percent and traded Rs 3.838 trillion as against Rs 3.844 trillion. Losers outnumbered gainers 172 to 125, while 19 stocks were unchanged. Mehanti added “Stocks showed technical correction despite strong valuations in fertilizer, telecom and third tier cement sector scrips.” The KMI 30-share was plunged by 170.02 points to close at 26,458.11 points from its opening at 26,628.13 points. The KSE all-share index closed with a loss of 18.80 points to 10,596.99 points as against 10,615.79 points. He said that fall in rupee dollar parity, rise in current account deficit and limited foreign interest played a catalyst role in bearish activity in the earning announcement session at KSE. Lafarge Pakistan was the volume leader in the share market with 38.910 million shares as it closed at Rs 5.70 after opening at Rs 5.70. Flying Cement traded 26.450 million shares as it opening at 3.89 and close at 4.87. Fauji Cement traded 24.747 million shares as it closed at Rs 6.80 after opening Rs 6.85. Jahangir Siddiqi Company traded 20.479 million shares as it closed at Rs 15.90 from its opening at Rs 15.20. Pace Pakistan Limited traded 18.018 million shares and closed at Rs 3.05 as against its opening at Rs 2.88. Karachi Electricity Supply Corporation traded 15.088 million shares as it closed at Rs 6.47 as compared to its opening at Rs 6.67. On the future market, the turnover decreased to 8.664 million against 14.082 million shares of Thursday. The UniLever Food and Bata Pakistan Limited, up Rs 148.00 and Rs 41.45, led highest price gainers while, Unilever Pak SPOT and Rafhan Maize XD down Rs 300.05 and Rs 195.00 respectively, led the losers.
