KSE index sheds 44 points on profit-taking

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KSE index sheds 44 points on profit-taking

KARACHI - Stocks closed bearish on institutional profit-taking after below expected cut in SBP policy rate on Dec 14.

At local equity market benchmark KSE-100 share index shed by 44.07 points or 0.26 percent to close the day at 16,801.02 points as compared to 16,845.09 points of the last working day on Friday.

Analyst said concerns for political uncertainty after Supreme Court call on political leader for contempt of court, limited foreign interest and uncertainty in global stocks and commodities played a catalyst role in bearish sentiments despite improved Pak-US relations and expectations for positive talks with IMF for revision of loan repayments. Intraday session support witnessed in selected banking and cement sector stocks on strong valuations.

KSE-Allshare index decreased by 15.94 points or 0.13 percent to end the day at 11,881.37 points. KSE-30 share misplaced 27.53 points or 0.20 percent to finish the day at 13,610.06 points while KMI-30 share index off by 57.69 points or 0.20 percent to close the day at 28,815.76 points.

Equity dealers said investors remained on the sidelines due to continuous weakness in Pak Rupee. Volumes also remained low as institutional activity was limited due to Dec closing. MCB with price 211 helped the index from a big fall.

Market traded 91.588 million shares after opening at 129.486 million shares and the value of traded shares was minimised to Rs 2.518 billion from Rs 4.085 billion. The stock capitalisation settled at Rs 4.211 trillion after opening at Rs 4.217 trillion.

Trading 355 companies where losers held a strong lead over the gainers 204 to 129 while the value of 22 stocks remained intact. Nestle Pakistan was the biggest price gainer of the day up by Rs 149 to Rs 4850 while the Island Textile was the heaviest loser of the day down by Rs 28.03 to Rs 1024.71.

Maple leaf Cement was the volume leader of the day with 14.750 million shares as it closed at Rs 14.83 after opening at Rs 14.92. Tariq Glass was on the second position with 5.164 million shares up by Re 1 to Rs 21.05. It was followed by JS Co with 3.597 million shares shed by Re 0.28 to Rs 16.70, Fauji Cement with 3.522 million shares off by Re 0.04 to Rs 6.60 and Byco Petroleum with 2.800 million shares lost Re 0.30 to Rs 11.01.

Courtesy: Nation

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