KSE sheds 94.86 points on political uncertainty

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KSE sheds 94.86 points on political uncertainty

Karachi:Pakistan stocks closed lower amid political uncertainty after blasts on poll offices.At local equity market benchmark KSE-100 share shed by 94.86 points or 0.50 percent to stop the day at 18,822.85 points compared to 18,917.71 points of the last working day on Friday.

Analyst said institutional profit-taking witnessed in stocks across the board amid concerns for security unrest in the city.

Consolidation in blue chip stocks post major quarter end earning announcements, economic uncertainty on falling FX reserves after IMF repayments and circular debt issues in Pakistan energy sector played a catalyst role in bearish sentiments at KSE.

KSE-Allshare index decreased by 60.48 points or 0.45 percent to close the day at 13,395.02 points, KSE-30 share index lost 84.08 points or 0.58 percent to end the day at 14,500.10 points while KMI-30 share index misplaced 136.63 points or 0.41 percent to conclude the day at 32,793.38 points. Due to deteriorating law and order situation in Karachi, local bourse dropped by 0.5pc. Unconfirmed news of gas discontinuation of Engro Fertilizer plant also dampened the sentiment. Result announcement from leading companies like NBP, MCB, Lucky, Engro and FFC failed to boost the sentiments. With low volumes across the board profit taking was seen. While, TRG, Lotte Chemical and Wateen Telecom remained in limelight, dealers observed.

Bourse traded 157.128 million shares on Monday after opening at 206.021 million shares and the value of traded shares was reduced to Rs 3.837 billion from Rs 5.470 billion. The Capitalisation of local equity market settled at Rs 4.628 trillion compared to Rs 4.649 trillion of day earlier.

During the session trading took place in 381 companies where losers beat the gainers 231 to 128 while the value of 22 stocks remained intact. Unilever Food XD and Colgate Palmolive were the biggest losers of the day decreased by Rs 190 to Rs 4900 and Rs 97.50 to Rs 1852.50.

The up ward trend was led by Rafhan Maize and Bata (Pak) XD increased by Rs 175 to Rs 4375 and Rs 78.46 to Rs 2162.18.

In the top ten scrips, TRG Pakistan Limited was the top traded company of the day with 28.122 million shares as it closed at Rs 11.82 after opening at Rs 11.30. Lotte Chemical was on the second position with 11.008 million shares added Re 0.05 to Rs 7.59. It was followed by Wateen Telecom Limited with 10.366 million shares gained Re 0.35 to Rs 5.16, B.O Punjab SPOT with 8.965 million shares up by Re 0.42 to Rs 9.27 and Maple Leaf Cement with 6.479 million shares off by Re 0.61 to Rs 18.34.

Courtesy: The Nation

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