KSE sheds 28.73pts on profit taking

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KARACHI - Pakistan stocks closed bearish in the last session of week amid institutional profit-taking in stocks across the board led by telecoms stocks after Federal Communication Commission of USA orders to disable payments to LDI operators in Pakistan at higher ICH rates, experts observed here on Friday.† At local equity market benchmark KSE-100 share index misplaced 28.73 points or 0.16 percent to end the day at 17,964.18 points compared to 17,992.91 points of a day earlier.†

Ahsan Mehanti analyst at Arif Habib Corp said concerns for security unrest in the city, dismal cement sales for febí13, proposals to ECC for raise on gas prices under GIDC and economic uncertainty affected the sentiments despite easing gas shortfall issues and gas sales agreement with OGDC for fertilizer companies and expected ECC approval for raise in refineries deemed duty to 9 per cent.

KSE-Allshare index shed by 12.25 points 0.10 percent to stop the day at 12,627.30 points, KSE-30 share index decreased by 11.41 points or 0.08 percent to finish the day at 14,590.74 points while KMI-30 share index lost 105.92 points or 0.34 percent to conclude the session at 31,215.45 points. KSE traded 235.847 million shares on Friday after opening at 184.607 million shares and the value of traded shares was climbed to Rs 8.067 billion from Rs 5.636 billion. Capitalisation of Karachi stock market settled at Rs 4.462 trillion as compared to Rs 4.468 trillion of a day earlier.† Dealers said adverse news flow in telecom sparked across the board selling at local bourse. Telecom sector remained under pressure amid news that US regulator will be paying only $0.02 for termination charges. Engro Corp closed at its upper cap after unconfirmed news that they would get gas at a lower rate than anticipated earlier.

During the session 336 companies participated in the trading where 114 closed in positive and 198 in negative while the value of 24 stocks remained intact. Unilever Pak and Bata (Pak) were the top losers of day down by Rs 103.75 to 11000 and Rs 67.67 to Rs 1325. Colgate Palmolive and Wyeth Pak Limited were the biggest price gainers of day up by Rs 84 to Rs 1764.01 and Rs 40 to Rs 940.

Active list was topped by PTCLA with 45.487 million shares as it closed at Rs 20.76 after opening at Rs 21.80. Telecard Limited was on the second position with 29.112 million shares shed by Re 0.67 to Rs 5.75. It was followed by Engro Corporation with 21.776 million shares grew by Rs 5.81 to Rs 127.98, WorldCall Telecom with 13.701 million shares off by Re 0.24 to Rs 3 and Lafarge Pakistan with 11.427 million shares decreased by Re 0.17 to Rs 5.99.

Samar Iqbal said after a bull run of 7 weeks, market close today 1.2pc down on weekly basis amid deteriorating law and order situation of the city. Also, fall in heavy weight OGDC and MCB share prices pushed index below 18,000 points mark. Volumes also fell by 21pc to Rs.7 billion. Further, adverse news flows in telecom sector about CCP hearing on 12th March and reduced termination call rate from US forced investors to trim their positions in the sector. While fresh buying was seen in refinery sector along with LOTPTA and Engro Corp amid hope that ECC may give favorable decisions.

Some activity was also witnessed in cement companies in anticipation of cement price increase. Going forward, law and order situation and unfolding political scenario may keep market volatile.

Courtesy: The Nation