KSE sheds 16pts on profit-taking

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KARACHI - Stocks closed bearish amid higher trades on institutional profit taking in overbought stocks after the index crossed 16,900 level during the trading session. At local equity market the benchmark KSE-100 share index misplaced 16.64 points or 0.10 percent to stop the day at 16,807.91 points as compared to 16,824.55 points of the previous day.

Experts said fall in global stocks and commodities on US financial crises and Europe debt concerns, falling country’s foreign exchange reserves and limited foreign interest played a catalyst role in bearish sentiments at KSE.

KSE-Allshare index gained 38.16 points or 0.32 percent to end the day at 11,867.64 points, KSE-30 share index shed by 16.47 points or 0.12 percent to close the day at 13,621.21 points while KMI-30 share index decreased by 61.22 points or 0.21 percent to end the day at 28,719.54 points.

After continuous rise in the last few sessions, market saw some profit-taking. Although index heavy weight OGDC and MCB remained positive other leading stocks like JSCL, MLCF, BYCO, FCCL, DGKC, PTC etc saw some correction. LOTPTA witnessed renewed interest in expectation of further investment by Korean company, an equity dealer observed.

During the session, stock traded 313.427 million shares after opening at 257.727 million shares and the value of traded shares minimized to Rs 6.342 billion from Rs 6.869 billion. The equity market capitalisation settled at Rs 4.217 trillion as compared to Rs 4.204 trillion of a day earlier.

Trading took place in 376 companies where losers held a strong lead over the gainers 191 to 159 while the value of 26 stocks not changed. Nestle Pakistan was the biggest price gainer of the day up by Rs 155.85 to Rs 4800 followed by Colgate Palmolive up by Rs 69.86 to Rs 1467.09. Unilever Food and Unilever Pak were the biggest losers of the day down by Rs 152 to Rs 4138 and Rs 150.98 to Rs 9802.47.

Top ten scrips of the day were led by Lotte PakPTA with 58.922 million shares as it closed at Rs 8.19 after opening at Rs 7.33. Azgard Nine was on the second position with 24.993 million shares up by Re 0.19 to Rs 8.89. It was followed by PIAC(A) with 21.892 million shares higher by Re 0.43 to Rs 4.01, JS Company with 13.380 million shares shed by Re 0.9 to Rs 17.65 and Fauji Cement with 12.586 million shares decreased by Re 0.07 to Rs 6.73.


Courtesy: The Nation

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