Stock market stays above 17,000 points

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KARACHI: The Karachi Stock Exchange’s benchmark 100-index declined by more than 50 points Monday but maintained its level above 17,000 mark, while selling pressure amid profit taking was witnessed in the market, dealers said.

Zafar Moti, a senior member of the KSE, told The News “No buying orders from institutes were seen as they remained sidelined.” He said despite decline market will continue positive trend as there was not a major decline. The level of 17,000 points was maintained, which posed good sign, he added. The KSE-100 index fell by 51.37 points, or 0.30 percent, to 17,004.89 points against 17,056.36 points recorded in the last session. The index at one time during the intraday session reached to a high level of 17,124.32 points, while low level of the day was recorded at 16,984.43 points whereas KSE-30 index dropped by 35.33 points, or 0.25 percent, to 13,896.33 points in the session.

Along with the index, both turnover and value slumped. Turnover went down by 81 million shares to 189.49 million shares from 270.77 million shares whereas value was trimmed to Rs5.13 billion against Rs6.90 billion recorded in the last session.

Samar Iqbal an equity dealer at Topline Securities (Pvt) Ltd., said no major surprise in the results of Attock group and Lucky Cement compelled investors to book profit above the key 17,000 mark. “Profit taking was seen in all major stocks except for Engro Corp and Engro Foods, which closed at its upper limit after excellent result announcement last week,” she said.

Shakir Padela, an analyst at JS Global, said the index after starting the trading session in the positive mode was not able to sustain its high as profit taking was witnessed after major results announced were not able to excite investors due to prevailing political uncertainty in the country. “EFOODS ended second consecutive day on its upper circuit after beating the earning estimate with its result issued on Friday,” he said.

Hasnain Asghar Ali, chief operating officer of Escorts Capital, said after attaining another historic high the benchmark underwent an intra-day technical adjustment, led by off-loading in exploration and production stocks, wherein post result squaring stayed the popular reason for bearish spell.

Besides, allowing the benchmark to maintain 17,000, high activity in low priced stocks kept the short term traders active throughout the session, he said. Highest increase was recorded in shares of Shezan Inter, which increased by Rs19.47 to Rs4,29.47 per share followed by Pak Int Cont SD, which rose by Rs9.65 to Rs219.24 per share. Major declines were registered in shares of Colgate Palmolive by Rs72.50 to Rs1,377.50 per share, and Unilever by Rs31.57 to Rs9,883.26 per share.

Stocks that recorded significant turnover included Fauji Cement, Maple Leaf Cement, Jahangir Siddiqui Co, Lotte Pak PTA and Lafarge Pakistan. Fauji Cement was the volume leader with 50.18 million shares with increase of 32 paisas to Rs8.12 per share, followed by Maple Leaf Cement with 17.93 million shares with slide of 36 paisas to Rs17.50 per share.

Shares turnover in the futures market scaled down to 8.980 million shares from 22.98 million shares traded in the previous session. Of the total of 328 companies’ stocks traded, 127 advanced, 183 declined and 18 remained unchanged.


Courtesy: The News

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