KSE sheds 216pts on profit-taking

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KSE sheds 216pts on profit-taking

KARACHI - Stocks closed bearish amid institutional profit taking in overbought stocks across the board.

At local equity market benchmark KSE-100 share index lost 216.08 points or 0.95 percent to end the day at 22541.64 points after opening at 22757.72 points.

KSE-Allshares index shed by 150.59 points or 0.94 percent to close the day at 15870.34 points, KSE-30 share index off by 201.34 points or 1.13 percent to end the day at 17586.37 points while KMI-30 share index reduced by 289.67 points or 0.75 percent to stop the day at 38457.64 points.

Ahsan Mehanti, an analyst at Arif Habib, said limited foreign interest, volatile global commodities and economic uncertainty impacted the trend amid security concerns in the city. Trade remained mainly in second and third tier stocks as investor remained cautious despite activity in cement sector stocks after record PSDP allocations in the federal budget.

Market traded 488.489 million shares after opening at 470.936 million shares and the value of traded shares was to rose Rs 13.263 billion from Rs 12.414 billion while the capitalisation of bourse settled at Rs 5.459 trillion as compared to Rs 5.511 trillion of a day earlier.

Trading took place in 372 companies where losers beat the gainers 206 to 144 while the value of 22 stocks not changed. Highest increase was noted in Wyeth PAK Limited and Nestle Pak up by Rs 74.50 to Rs 1564.50 and Rs 49.50 to Rs 6649.50. Shezan Inter and Mithchells Fruit were the biggest losers of the day decreased by Rs 34.24 to Rs 650.76 and Rs 24.40 to Rs 542.10.

Fauji Cement was the volume leader of the day with 57.342 million shares enlarged by Re 0.58 to Rs 13.86. B.O.Punjab (R) was on the second position with 55.154 million shares as it closed at Rs 2.89 after opening at Rs 3.44. It was followed by Lafarge Pakistan with 51,931 million, Maple Leaf Cement with 27.190 million, PTCLA with 24.250 million, Bank Al-Falah with 22.486 million, JS Company with 18.969 million, Dewan Cement with 18.224 million, Dera Ghazi Khan Cement with 15.870 million and TRG Pakistan Limited with 13.226 million shares.

Courtesy: Nation

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