KSE index inches down on profit-taking

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KARACHI: Karachi Stock Exchange 100 index failed to maintain its psychological level of 18,000 and declined by 7.54 points Thursday on profit taking amid concerns regarding the deteriorating political and law and order situation, dealers said. Ahsan Mehanti, an analyst at Arif Habib Co, said market closed with minor correction amid institutional profit taking that occurred because major companies had already announced their results.

“Market remained bullish in the morning as a result of withdrawal of indefinite strike call by Muttahida Qaumi Movement but lost steam on profit taking in the evening,” he said.

The KSE-100 was down by 7.54 points, or 0.04 percent, to 17,992.91 points against 18,000.45 points recorded in the last session. The index, at one time during the intraday session, reached to a high level of 18,120.75 points, while the lowest level was recorded at 17,958.37 points.

KSE-30 index also fell by 62.32 points, or 0.42 percent, to 14,602.15 points in the session against 14,664.47 points recorded in the last session.

Both turnover and value also went down in the market. Turnover decreased by massive 157 million shares to 184.60 million shares from 341.37 million shares whereas value declined to Rs5.63 billion from Rs9.333 billion. Market capital also edged down to Rs4.46 trillion against Rs4.47 trillion.

Zafar Moti, an analyst and senior member of the KSE, said the market witnessed mixed trend, as it went up and then down.

Highest increase was recorded in shares of Unilever Pak, which increased by Rs528.75 to Rs11,103.75 per share followed by Unilever Food that rose by Rs90 to Rs4,345 per share. Major decline was noted in shares of Bata (Pak), which fell by Rs57.33 to Rs1,392.67 per share followed by Indus Motor Co that declined by Rs11.87 to Rs327.84 per share.

Significant turnover was registered in stocks of Lafarge Pakistan, Fauji Cement, Jahangir Siddiqui Co, Lotte Pak PTA and Engro Corporation. Lafarge Pakistan emerged as the volume leader with 21.98 million shares with increase of 27 paisas to Rs6.16 per share. It was followed by Fauji Cement with 13.15 million shares with increase of 10 paisas to Rs8.33 per share.

Shares turnover in the futures market fell to 17.90 million shares from 25.60 million shares traded in the previous session. Of the total of 357 companies’ stocks traded, 192 advanced, 143 declined and 22 remained unchanged.

Unilever Pak Rs528.75
Closing Rs11,103.75

Unilever Food Rs90.00
Closing Rs4,345.00

Colgate Palm Rs80.00
Closing Rs1,680.01

Bata Pak Rs57.33
Closing Rs1,392.67

Indus Motor Rs11.87
Closing Rs327.84

Kyber Tob Rs6.40
Closing Rs121.84


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