On Thursday bears edged out their horn-laden counterparts at Karachi Stock Exchange (KSE) as the 100-share index declined 11.39 points or 0.08 percent to close at 14, 553.29 points as compared to 14, 564.68 points of the previous session. The KSE 30-share index shed 40.38 points to close at 12, 592.74 points as compared with 12, 633.12 points.
Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the stocks closed lower as investors remained cautious amid uncertainty over outcome of SC hearing on PM contempt case. The market turnover was positive and increased to 81.467 million shares after opening at 57.450 million shares. The overall market capitalisation declined 0.02 percent and traded Rs 3.714 trillion as against Rs 3.715 trillion. Losers outnumbered gainers 114 to 133, while 23 stocks were unchanged.
Mehanti added “Activity remained thin despite strong corporate earnings outlook and recovery in global stocks and commodities.” The KMI 30-share was down by 24.69 points to close at 24, 988.52 points from its opening at 25, 013.21 points. The KSE all-share index closed with a loss of 3.79 points to 10, 236.89 points as against 10, 240.68 points.
Hub Power Company was the volume leader in the share market with 11.548 million shares as it closed at Rs 43.10 after opening at Rs 43.16. Jahangir Siddiqui Company traded 11.470 million shares as it closed at Rs 16.22 after opening Rs 15.59. D.G.K Cement traded 5.919 million shares as it closed at Rs 45.47 from its opening at Rs 45.31. Jahanghir Siddiqui Growth Fund traded 3.195 million shares and closed at Rs 8.20 as against its opening at Rs 8.15. Lucky Cement traded 2.790 million shares as it closed at Rs 128.89 as compared to its opening at Rs 130.34. He said that the concerns for rising circular debt in Pakistan Energy sector, revenue loss to fertiliser sector on gas supply worries played the catalyst’s role in bearish sentiment at KSE. On the future market, the turnover remained negative: 15.694 million against 16.527 million shares of Wednesday. The Wyeth Pakistan Limited and Mithchells Fruit, up Rs 33.62 and Rs 14.29, led highest price gainers while, Sanofi-Aventis Pakistan and AL-Abbas Sugar down Rs 7.02 and Rs 4.70 respectively, led the losers.
