KSE sheds 182 points on profit-taking

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KSE sheds 182 points on profit-taking

KARACHI † Pakistan stocks closed lower amid profit-taking in stocks across the board. Uncertainty over federal budget announcements impacted bull-run at KSE. Trade remained high led by second and third tier stocks.

At local equity market benchmark KSE-100 share index shed by 182.09 points or 0.82 percent to end the day at 22092.42 points compared to 22274.51 points of the previous day.

Analysts said economic uncertainty, dismal cement sales data for May '13, limited foreign interest and protests in the city against target killing of political activists played a catalyst role in bearish sentiments at KSE.

KSE-Allshare index off by 151.11 points or 0.96 percent to end the day at 15526.98 points, KSE-30 share index decreased by 174.62 points or 1.01 percent to conclude the session at 17132.09 points while KMI-30 share index misplaced 497.15 points or 1.30 percent to close the trading at 37837.29 points.

Market traded 664.676 million shares after opening at 544.150 million shares and the value of traded shares was climbed to Rs 15.878 billion from Rs 13.804 billion. The capitalisation of local equity market maintained at Rs 5.349 trillion compared to Rs 5.405 trillion of day earlier.

Dealers said profit-taking in oil stocks forced index to fall around 200 points as heavy weight OGDC alone lost Rs 10. However foreignersí favorite MCB helped index from further fall by adding 75 points. With healthy volumes, mid cap stocks remained in the limelight as BOP Right and BOP witnessed 130 million shares turnover.

Trading took place in 403 companies where losers beat the gainers 237 to 148 while the value of 18 stocks remained intact. Biggest declined was witnessed in Colgate Palmolive down by Rs 98.97 to Rs 1881.03 followed by Nestle Pak off by Rs 41 to Rs 6414. Sanofi-Aventis and Fazal Textile were the top price gainers of the day up by Rs 15 to Rs 454.99 and Rs 14.05 to Rs 295.05. †Ban of Punjab (R) was the top traded company of the day with 97.803 million shares as it closed at Rs 5.73 after opening at Rs 5.04. Pace (Pak) Limited was on the second position with 48.796 million shares added Re 0.72 to Rs 5.34. It was followed by JS Co with 40.454 million shares enlarged by Re 0.70 to Rs 14.61, Bank of Punjab with 34.057 million shares grew by Re 0.99 to Rs 15.87 and TRG Pakistan Limited 25.890 million shares higher by Re 0.24 to Rs 11.64.†

Courtesy: †Nation

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