Karachi Stock Exchange has dropped in Limited foreign interest. KSE despite recovery in global stocks after delay in Syria military action.
Selling pressure in banks and oil stocks forced index to close in negative. However institutional support in OGDC curb index fall.
At local equity market benchmark KSE-100 share index off by 53.88 points or 0.24 percent to close the day at 22160.85 points compared to 22214.73 points of the previous day.
Equity dealer at Topline Samar Iqbal said Bank of Punjab witnessed major activity and closed 7pc up after announcing better than expected June earnings. Stock witnessed 38m shares volume after announcing basic EPS of Rs.1.90. JSCL closed at lower circuit breaker after its June earning announcement of Rs.0.17 fell below investors’ expectations. Fauji cement witnessed 13m shares with the stock price fell by 1.5pc.
KSE-Allhare index up by 33.91 points or 0.21 percent to end the day at 16023.32 points, KSE-30 share index decreased by 32.37 points or 0.19 percent to conclude the session at 17250.47 points while KMI-30 share index increased by 41.65 points or 0.11 percent to stop the day’s trading at 37950.47 points. Turn over of the local equity market jumped to 185.353 million shares after opening at 177.411 million shares and the value of the traded stocks reduced to Rs 6.634 billion from Rs 7.482 billion. Capitalisation of the market maintained at Rs 5.514 trillion compared to 5.502 trillion of day earlier.
Stocks continued bearish trend amid growing fears on uncertainty over SBP policy rate stance ahead of announcement due on Sept 13. Renewed concerns for rising circular debt in energy sector.
Consolidation continued post major earning announcements amid concerns for rising economic uncertainty, higher government debt and uncertain global stocks and commodities, equity analyst Ahsan Mehanti observed.
Trading took place in 343 companies where losers held a strong lead over the gainers 224 to 103 while the value of 16 stocks remained intact. Wyeth Pak and Nestle Pak were the biggest price gainers of the day up by Rs 139.59 to Rs 2931.42 and Rs 120 to Rs 6300. Murree Brewery and National Foods were the top losers of the day decreased by Rs 15.37 to Rs 292.16 and Rs 14.08 to Rs 360.92.
Bank of Punjab led the active list with 38.421 million shares as it closed at Rs 12.63 after opening at Rs 11.71.
It was followed by JS Company with 14.581 million shares shed by Re 0.99 to Rs 9.24, Fauji Cement with 13.248 million shares down by Re 0.18 to Rs 13.31, Maple Leaf Cement with 6.882 million shares off by Re 0.70 to Rs 24.46 and National Bank with 6.078 million shares lost by Rs 1.45 to Rs 47.29.
In a weekly review a dealer said local bourse fell by 2.4pc during the week though lower than expected increase in gas price and delay in monetary policy supported equity values during the early part of the week but weak results and cement cartel breakdown news weaken the sentiments. Also, global equity markets and currencies remained under pressure amid concerns on Syrian crisis. Volumes, in rupee term, declined by 16pc to Rs.7.6b.