KSE falls in red zone amid dull activity

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KARACHI - Stocks closed lower amid thin trade at the year end close on institutional profit-taking. †At local equity market benchmark KSE-100 share index shed by 9.65 points or 0.05 percent to end the day at 21005.69 points compared to 21015.34 points of t he previous day.†

Stock analyst Ahsan Mehanti said dismal cement sales data for June Ď13, limited foreign interest and economic uncertainty ahead of approval of IMF bailout package impacted the sentiments. †Uncertainty over impact of new GST rate and repayments of IMF played a catalyst role in bearish sentiments at KSE despite rate cut of 50bps by SBP on June 22 and ECC move to settle circular debt in energy sector. Late buying in selected blue chip stocks supported the index to close above session lows, he added.

KSE-Allshare index up by 55.67 points or 0.37 percent to stop the day at 14987.53 points, KSE-30 share index off by 17.94 points or 0.11 percent to finish the day at 16207.96 points while KMI-30 share index added 120.84 points or 0.33 percent to stop the session at 36713.89 points.

Dealers said dull activity was witnessed at last trading day of Fiscal year 2013 that posted abnormal gains for the stock investors in Pakistan. Investors preferred to remain on the sidelines before they take fresh position in the next fiscal year. Circular debt resolution could not make much of a difference as much of that was already built into share prices. Index heavy weight MCB and OGDC again fell forcing the benchmark index to close in negative territory.

The day turnover of local equity market in term of shares was 151.534 million shares after opening at 146.740 million shares and the value of traded shares was reduced to Rs 6.865 billion from Rs 7.119 billion while the capitalisation of equity market settled at Rs 5.154 trillion compared to Rs 5.135 trillion of day earlier.

Trading took place in 332 companies where gainers beat the losers 152 to 148 while the value of 32 stocks not changed. Nestle Pak was the biggest price gainer of the day up by Rs 249 to Rs 6499 followed by Unilever Food increased by Rs 120 to Rs 4890. Dreamworld and Phillips Morris Pak were the top losers of the day decreased by Rs 11.65 to Rs 221.60 and Rs 6 to Rs 220.

Active list was topped by PTCLA with 23.915 million shares up by Re 0.99 to Rs 22.19. Fauji Cement was on the second position with 6.818 million shares shed by Re 0.05 to Rs 13.29. It was followed by Bank of Punjab with 6.674 million shares grew by Re 0.54 to Rs 12.74, Japan Power with 6.461 million shares off by Re 0.05 to Rs 4.50 and Southern Electric with 5.716 million shares higher by Re 0.05 to Rs 4.54.

In a weekly review equity dealer Samar iqbal said local bourse saw a decline of 3pc after fall in regional markets and June end closing, while approval of budget also didnít have any major impact.

Courtesy: † Nation

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