KSE 100-index declines by 26 points on profit-taking

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index declined by 26 points on profit-taking after the announcement of results, dealers said. Ahsan Mehanti, analyst at Arif Habib Corp, said that the market remained down due to several reasons, including profit-taking after results’ announcement and mixed trend in the global stock markets.

“However, deals were made in second and third-tier stocks, mostly in the telecom sector, after the Supreme Court’s ruling against the Lahore High Court’s decision to forbade the telecom sector from increasing prices for international calling,” he said.

Analysts said that the split between Pakistan Peoples’ Party and Muttahida Qaumi Movement had little impact over the market on Thursday.

The KSE-100 index declined by 26.05 points or 0.15 percent to 17,921.02 points against 17,947.07 points recorded in the last session. The index, at one time during the intraday session, reached a high level of 17,993.25 points, while the lowest level was recorded at 17,897.49 points.

The KSE-30 index also declined by 46.42 points or 0.32 percent to 14,669.25 points in the session against 14,715.67 points recorded in the last session. The turnover improved by 82 million shares to 349.53 million shares from 267.27 million shares, whereas the value decreased to Rs8.60 billion against Rs9.27 billion and market capital declined to 4.46 trillion against 4.47 trillion recorded in the last session.

Zafar Moti, senior member of the KSE, said that the market went through correction as was expected after reaching the 18,000 mark, however, it could not cross the mark and a decline was witnessed.

The highest increase was recorded in the shares of Unilever Pak, which increased by Rs201.40 to Rs10,560.00 per share, followed by Colgate Palmolive, which increased by Rs25.00 to Rs1,600.00 per share. Major decline was witnessed in the shares of Bata (Pak), which declined by Rs30.00 to Rs1,450.00 per share, followed by Indus Dyeing that declined by Rs15.71 to Rs433.00 per share.

Significant turnover was recorded in the estocks of WorldCall Telecom, Pakistan Telecommunication Company Ltd (PTCL), Jahangir Siddiqui Co, Telecard Limited and Maple Leaf Cement.

WorldCall Telecom remained the volume leader with 55.15 million shares with an increase of 59 paisas to Rs3.70 per share, followed by PTCL with 42.27 million shares with an increase of Re1.08 to Rs22.83 per share. Shares’ turnover in the futures market declined to 24.11 million shares from 25.00 million shares traded in the previous session. Of a total of 348 companies’ stocks traded, 155 advanced, 172 declined and 21 remained unchanged.

Unilever Pak Rs201.49
Closing Rs10,560.00

Colgate Palm Rs25.00
Closing Rs1,600.00

Wyeth Pak Rs15.00
Closing Rs960.00

Bata Pak Rs30.00
Closing Rs1,450.00

Indus Dyeing Rs15.71
Closing Rs433.00

National Food Rs9.00
Closing Rs316.00


Courtesy: The News

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