Profit-taking puts KSE index in red zone

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KARACHI: In the initial session, the market crossed 18,000 points mark after the appointment of new interim Prime Minister. However later on due to low volumes some profit taking was seen. At local equity market benchmark KSE-100 share index marginally shed by 1.21 points or 0.01 percent to close the day at 17,961.91 points compared to 17,963.12 points of the last working day on Friday.

With activity remained confined towards mid cap stocks, PIAA remained the volume leader followed by Lotpta and TRG. Investors’ interest remained alive in Engro Corp as 10 million shares exchanged hands with stock rose by Rs.1.50, dealers observed here on Monday. KSE-Allshare index up by 7.99 points or 0.06 percent to stop the day at 12,622.46 points, KSE-30 share index shed by 10.41 points or 0.07 percent to end the day at 14,247.31 points while KMI-30 share index off by 14.09 points or 0.04 percent to close the day at 31,297.22 points.

Market traded 153.669 million shares after opening at 161.247 million shares and the value of traded shares was reduced to Rs 4.847 billion from Rs 6.034 billion. Capitalisation of equity market settled at Rs 4.385 trillion compared to Rs 4.383 trillion of a day earlier. An analyst said stocks closed lower with thin trade on investor concerns for economic uncertainty. Consolidation continued in blue chip stocks ahead of quarter end close.Activity was led by cement and telecom stocks on strong valuations.

Concerns for banking sector minimum profit payouts on rupee savings deposits played a catalyst role in bearish sentiments at KSE despite global markets rally on Cyprus bailout deal with EU.Trading took place in 318 companies where losers beat the gainers 155 to 133 while the value of 30 stocks remained intact. Unilever Pak was the top price gainer of the day up by Rs 110 to Rs 10910 followed by Indus Dyeng grew by Rs 19 to Rs 456.

Sunray Textile and Exide (PAK) were the top losers of the day down by Rs 13.15 to Rs 250.10 and Rs 11.19 to Rs 350. PIAC (A) was the volume leader of the day with 21.229 million shares without any change closed at Rs 6.82. Lotte PakPTA was on the second position with 14.382 million shares shed by Re 0.15 to Rs 7.30. It was followed by TRG Pakistan Limited 11.618 million shares up by Re 0.35 to Rs 7.81, Engro Corporation with 10.166 million shares extended by Rs 1.56 to Rs 130.88 and Maple Leaf Cement with 9.675 million shares misplaced by Re 0.56 to Rs 17.54.


Courtesy: The Nation

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