Profit-taking strips KSE-100 of 54 points

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KARACHI: The Karachi Stock Exchange’s benchmark 100 index fell by 53.77 points Monday on profit-taking after result announcements, dealers said. Furqan Punjani, deputy head of research at BMA Capital, said that investors offloaded positions to rack up profits. The result of the United Bank Limited was below expectations, while that of the National Bank of Pakistan was satisfactory. “Buying and selling continued in the market throughout the session,” he said. Overall, momentum of the market was likely to remain good, led by the telecom sector, he said. The KSE-100 index declined by 53.77 points, or 0.30 percent, to 18,020.50 points against 18,074.27 points recorded in the last session. The index at one time during the intraday session hit a high level of 18,175.77 points, while the lowest level was recorded at 17,972.62 points, below the 18,000-mark, which was maintained till the end of the session.

The KSE-30 index also dropped by 43.97 points, or 0.30 percent, to 14,770.09 points in the session against 14,814.06 points previously.Both turnover and value went down. Turnover decreased by 47 million shares to 322.29 million shares from 369.04 million shares, whereas value fell to Rs9.10 billion against Rs9.40 billion. Market capital was cut to Rs4.47 trillion against Rs4.49 trillion in the last session.

Zafar Moti, a senior member of the KSE, said the market underwent a minor correction, which was expected. “Institutional selling of major shares like of banks built up pressure,” he said.Ahsan Mehanti, an analyst at Arif Habib Corp, said news about interim government made investors concerned. “Volume was good and there was a consolidation in blue-chip stocks,” he said.

Unilever Food went up by Rs130 to Rs4,255 per share, while a share price of Unilever Pak rose by Rs31.82 to Rs10,550. A share value of Colgate Palmolive dipped by Rs80 to Rs1,520 and Clariant Pak dropped by Rs14.02 to Rs266.39 per share.

Significant turnover was recorded in stocks of Telecard Limited, National Bank Pak, Pakistan Telecommunication Company Ltd, Jahangir Siddiqui Co, and Azgard Nine. Telecard Limited emerged as the volume leader with 35.04 million shares with increase of 86 paisas to Rs7.96 per share, followed by National Bank Pak with 31.38 million shares with increase of Re1.35 to Rs54.74 per share.

Shares turnover in the futures market were down to 23.56 million shares from 41.86 million shares traded in the previous session. Total 170 stocks rose, 183 fell, and 24 remained unchanged out of the total 377 traded.

 

Courtesy: The News


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