KSE-100 index sheds 190 points on economic, political uncertainty

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KARACHI: Karachi Stock Exchange’s (KSE) benchmark 100-index declined by 190 points on Monday on profit-taking across the board and concerns over economic and political uncertainty, dealers said. Zafar Moti, analyst and senior member of the KSE, said that profit-taking was witnessed across the board. “Institutional and retail selling took place ahead of the upcoming elections,” he said. “Some large companies, including PTCL, faced lower locking.”

The KSE-100 index declined by 189.78 points or 1.01 percent to 18,524.50 points against 18,714.28 points recorded in the last session. The index, at one time during the intraday session, reached a high level of 18,751.28 points, while the lowest level of the day was recorded at 18,504.28 points.

The KSE-30 index also fell by 161.66 points or 1.11 percent to 14,434.86 points in the session against 14,596.52 points recorded in the last session.

Turnover fell by 28 million shares to 152.70 million shares from 180.48 million shares, while the value improved to Rs5.12 billion against Rs4.50 billion. Market capitalisation fell to Rs4.54 trillion against Rs4.60 trillion recorded in the last session.

Fahad Ali, analyst at JS Global, said that the sell off was triggered early in the session by PTCL, as its result failed to live up to expectations. “Investors preferred to sell off their positions and wait for further dips. Volumes remained on the lower side as well,” he said.

Hasnain Asghar Ali, chief operating officer at Escorts Capital, said that the market is likely to decline further in the coming days due to political and economic uncertainty as the country’s finance team will be going to the International Monetary Fund (IMF). “There are concerns the state of the economy might deteriorate even further,” he said. Samar Iqbal, senior manager equity sales at Topline Securities (Pvt) Ltd, said that global equity and commodity prices declined, which also affected local stocks. “Engro Corporation closed 4.7 percent down, whereas Pakistan Telecom also closed at its lower cap after disappointing March results,” she said.
The highest increase was recorded in the shares of Murree Brewery, which increased by Rs10.00 to Rs210.01 per share, followed by Gillette Pak that rose by Rs9.28 to Rs195.00 per share. Major decline was noted in the shares of Unilever Food XD, which fell by Rs161.59 to Rs5,013.41 per share, followed by Bata (Pak) XD that declined by Rs92.00 to Rs1,748.00 per share.

Significant turnover was recorded in the stocks of TRG Pakistan Ltd, Maple Leaf Cement, PTCL, Telecard Limited and Pak Elektron Ltd. TRG Pakistan Ltd remained the volume leader with 19.65 million shares, with a decline of 30 paisas to Rs8.01 per share, followed by Maple Leaf Cement with 10.70 million shares and a decline of 94 paisas to Rs17.58 per share.

Shares’ turnover in the futures market improved to 13.37 million shares from 10.80 million shares traded in the previous session. Of a total of 351 companies’ stocks traded, 64 advanced, 268 declined and 19 remained unchanged.

 

Courtesy: The News


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