KSE index down by 20.14 points on profit-taking

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index declined by 20.14 points to 16,787.54 points on Monday on profit-taking in overbought stocks, said dealers. Ahsan Mehanti, an analyst at Arif Habib Corp, said that the stocks closed bearish on institutional profit-taking in the overbought stocks. Trade remained in narrow range amid profit-taking in stocks across-the-board. Fall in the energy sales data, fall in the country’s foreign exchange reserves and limited foreign interest played a catalyst role in the bearish sentiment at the KSE, despite hopes for rate cut in the upcoming monetary policy announcement.

The KSE-100 index declined by 20.37 points, or 0.12 percent, to 16,787.54 points against 16,807.91 points recorded in the last session. The index, at one time, reached the high of 16,888.74 points but could not sustain it, while low level of the day was recorded at 16,777.49 points.

The KSE-30 index fell by 21.14 points, or 0.16 percent, to 13,600.07 points in the session. Shares turnover declined by 124 million to 189.10 million shares from 313.42 million shares, whereas the value fell to Rs4.06 billion against Rs6.32 billion recorded in the last session.

Hasnain Asghar Ali, chief operating officer of Escorts Capital, said that the market witnessed profit-taking, while investors and traders were concerned about negotiations with the International Monetary Fund (IMF).

Some were thinking that conditions would be related to the interest rate cut and it might ask for no further cuts in the interest rate, he said.

Highest increase was recorded in the shares of Nestle Pakistan Ltd, which increased by Rs40 to Rs4,840 per share followed by Rafhan Maize Products, which rose by Rs40 to Rs3,850 per share. Major decline was witnessed in the shares of Bata (Pak), which fell by Rs4.99 to Rs1,610 per share followed by Pak Gum and Chemical that declined by Rs4.56 to Rs168.54 per share.

Stocks that recorded significant turnover included Maple Leaf Cement, Lotte Pak PTA, Fauji Cement, Sui Northern Gas Pipelines Limited and Karachi Electric Supply Company.

Maple Leaf Cement was the volume leader with a turnover of 28.40 million shares, gaining by 48 paisas to close at Rs13.91 per share followed by Lotte Pak PTA with a turnover of 16.89 million shares with a decline of 25 paisas to end at Rs7.94 per share.

Shares turnover in the futures market fell to 6.43 million from 15.98 million shares traded in the previous session. Of 357 companies’ shares traded, 140 advanced, 197 declined and 20 remained unchanged.

Nestle Pak Rs40.00
Closing Rs4,840.00

Rafhan Maize Rs40.00
Closing Rs3,850.00

Colgate Palm Rs32.91
Closing Rs1,500.00

Bata Pak Rs4.99
Closing Rs1,610.00

Pak Gum & Chem Rs4.56

Closing Rs168.54

Service Ind Rs2.00
Closing Rs168.00

Courtesy: The News

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