KSE index declines by 52.87 points

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KARACHI: Karachi Stock Exchange’s benchmark 100-Index declined by 52.87 points on Wednesday following a sudden strike call and poor security conditions in the city, dealers said. Ahsan Mehanti, an analyst at Arif Habib Co said that investors involved in profit-taking became poor due to the poor security situation.

“Investors are not building their positions instead they are waiting, as all major result announcements have already been made,” he said. Wednesday afternoon, firing incidents across the city forced shopkeepers to shut down businesses and traffic jams were witnessed in parts of the city.

Later in the evening, Raza Haroon, a leader of Muttahida Qaumi Movement, said in a press conference that a peaceful shutter down strike would be observed in the city until those responsible for the Abbas Town massacre are arrested.

The KSE-100 Index declined by 52.87 points or 0.29 percent to 18,000.45 points against 18,053.32 points recorded in the last session. The index at one time during the intraday session reached 18,171.40 points while the lowest level was recorded at 17,952.96 points.
The KSE-30 Index also fell by 56.98 points or 0.39 percent to 14,664.47 points in the session against 14,721.45 points recorded in the last session.

Both turnover and value increased in the market. Turnover improved by 116 million shares to 341.37 million shares from 225.43 million shares whereas value increased to Rs9.33 billion against Rs7.51 billion. However, market capital declined slightly to Rs4.472 trillion against Rs4.479 trillion recorded in the last session.

Zafar Moti, an analyst and senior member of the KSE said that market behaviour remained normal till noon, when there was news of shops closing, which led the market towards decline. “In the last few hours, the market started declining because of the law and order situation while Jahangir Siddiqui Co. suffered the most,” he said.

The market came down in the second half after disturbance in the city. “The cement sector that rallied in the morning due to unconfirmed news of price increase, saw profit-taking later on,” said Samar Iqbal, senior manager equity sales Topline Securities (Pvt) Ltd.

Highest increase was recorded in shares of Unilever Pak, which increased by Rs74.99 to Rs10,575 per share followed by Indus Motor Co that rose by Rs11.47 to Rs339.71 per share. A major decline was noted in the shares of Wyeth Pak Limited, which fell by Rs12 to Rs900 per share followed by National Foods that declined by Rs11 to Rs314 per share.

Significant turnover was recorded in the stocks of Lotte Pak PTA, Fauji Cement, Lafarge Pakistan, Maple Leaf Cement and Jahangir Siddiqui Co. Lotte Pak PTA remained the volume leader with 62.94 million shares, with a decline of 17 paisas to Rs7.82 per share; followed by Fauji Cement with 28.75 million shares with a decrease of seven paisas to Rs8.23 per share.

Shares turnover in the futures market increased to 25.6 million shares from 21.81 million shares traded in the previous session. Of a total of 370 companies’ stocks traded, 118 advanced, 228 declined and 24 remained unchanged.

Unilever Pak Rs74.99
Closing Rs10,575.00

Indus Motor Rs11.47
Closing Rs339.71

Philip Morris Rs10.62
Closing Rs223.16

Wyeth Pak Rs12.00
Closing Rs900.00

National Foods Rs11.00
Closing Rs314.00

Pak Gum & Chem Rs5.95
Closing Rs150.60


Courtesy: The News

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