KSE sheds 58 more points in range-bound session

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KSE sheds 58 more points in range-bound session

Karachi Market remained ranged-bound on Friday after slowdown in foreign inflows. Profit-taking was seen in large cap stocks like PPL, PSO and FFC. However, active trading was witnessed in small and mid cap stocks like PACE, DCL and WTL.

The benchmark KSE 100-share index shed 58.88 points or 0.28 per cent to finish the day at 21283.77 points as compared to 21342.65 points of the previous day.

An analyst said stocks closed bearish amid fall in global stocks and commodities after disappointing China data and lingering concerns that the US Federal Reserve would curb its stimulus program.

Sentiment remained bearish amid concerns for federal budget and mini-budget uncertainty. Investors awaited announcement for $20b Saudi bailout package to ease circular debt issue in Pakistan energy sector likely to avoid IMF package. Concerns for rising budget deficit and $500m IMF loan repayments played a catalyst role in bearish sentiments at KSE impacting the post election rally.

KSE allshare-index shed 12.64 points or 0.08 percent to end the day at 14957.04 points, KSE 30-share index lost 79.32 points or 0.48 per cent to end the day at 16509.32 points while KMI 30-share index shed 141.31 points or 0.38 percent to stop the session at 36612.81.

On the last day of trading week, market traded 361.227 million shares after opening at 472.973 million shares and the value of traded shares minimized to Rs 9.396 billion from Rs 17.982 billion. The capitalization of equity market settled at Rs 5.156 trillion as compared to Rs 5.160 trillion of the previous day. Shares of 368 companies were traded on Friday where 192 closed in positive and 161 in negative while the values of 15 stocks remained intact. Nestle Pak was the biggest price gainer of the day, up Rs 100 to Rs 6600, followed by Shezan Inter, increased by Rs 16.85 to Rs 589.65. Colgate Palmolive and Muree Brewery were the top losers of the day, decreased by Rs 69.35 to Rs 1801 and Rs 13.16 to Rs 332.84.

B.O Punjab(R) was the day volume leader with 62.961 million shares as it closed at Rs 2.29 after opening at Rs 1.31. Pace (Pak) Limited was on the second position with 42.057 million shares, up by Re 0.39 to Rs 4.49. It was followed by Dewan Cement with 18.867 million shares, shed Re 0.23 to Rs 7.63, PTCLA with 16.075 million shares, extended by Re 0.34 to Rs 21.31 and Engro Corporation with 15.260 million shares, added Re 0.25 to Rs 148.80.

In weekly review, equity dealer Samar Iqbal said continued foreign buying kept KSE making new highs. With Rs14b average volume KSE 100-index rose by 3.7% to close well above 21,000 points mark.

Arrival of Chinese prime minister increased hopes that his visit will provide the much needed boost to the investment environment in Pakistan.

Courtesy: Nation

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