KSE falls on power tariff hike

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KARACHI - Selling in Engro Corp, MCB and POL caused benchmark index to fall while confusion on Engro Corp gas pricing effected investors’ confidence. Smooth transition of power to caretaker setup has so far not forced investors to build new positions, dealers observed here on Friday. At local equity market benchmark KSE-100 share index shed 75.86 points or 0.43 percent to stop the day at 17,664.83 points compared to 17,740.69 points of day earlier.

KSE-Allshare index down by 19.89 points or 0.16 percent to close the day at 12,450.33 points, KSE-30 share index off by 115.74 points or 0.81 percent to end the day at 14,172.17 points while KMI-30 share index misplaced 99.02 points or 0.32 percent to finish the day at 30,636.74 points. An expert said that consolidation continued in blue chip stocks post major earning announcements at KSE. Activity remained mainly in second and third tier stocks and the index moved in narrow range during the trading session.

Easing circular debt concerns in energy sector after Nepra approval for raise in power tariff and economic recovery on fall in trade deficit by 10pc between July-Feb 2013 affected the sentiments.

Market traded 114.613 million shares after opening at 128.023 million shares and the value of traded shares was climbed to Rs 3.815 billion from Rs 3.349 billion. Stock market capitalisation settled at Rs 4.363 trillion compared to Rs 4.379 trillion of a day earlier. Trading took place in 318 companies where losers beat the gainers 152 to 145 while the value of 21 stocks remained intact. Unilever Pak and Bata (Pak) were the top losers of the day down by Rs 55.25 to Rs 10644.75 and Rs 20 to Rs 1260 while the top gainers were led by Philip Morris Pak and Exide (Pak) up by Rs 11.07 to Rs 232.51 and Rs 8.98 to Rs 340 respectively.

Lotte PakPTA was the day volume leader with 13.199 million shares as it closed at Rs 7.74 after opening at Rs 7.42. PTCLA was on the second position with 10.447 million shares grew by Re 0.28 to Rs 20.49. It was followed by Engro Corporation with 9.025 million shares shed by Rs 3.75 to Rs 119.61, JS Company with 7.086 million shares higher by Re 0.28 to Rs 14.25 and PIAC (A) with 6.607 million shares off by Re 0.19 to Rs 6.62.

In weekly review equity dealer Samar Iqbal said market witnessed very volatile beginning of the week after Iran-Pakistan gas pipeline inauguration. Due to the fears of sanctions, market fell by 450 points on Monday but recovered back on the very next day after witnessing soft stance from US.

However, week closed at KSE, with a decline of 300 points in the benchmark index with 26pc decline in volumes. Weekly volumes remained at average 174million share. Engro Corp remained the key highlight of the week after ECC approval for gas allocation, however it remained volatile during the week amid un-cleared gas pricing. Further, Sindh High Court hearing regarding international call termination charges kept telecom sector on investors’ radar. Going forward, next week will remain crucial on caretaker setup announcement and the peaceful power transition.


Courtesy: The Nation

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