Stock market undergoes technical adjustment

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KARACHI: After touching the all time high, the Karachi share market slid 42 points on the last weekday as investors took cautious stance amid technical adjustment.

 

“No major excitement prevailed at the local equity market on the last trading session of the week as back to back low volumetric sessions forced the benchmark to undergo technical adjustment,” said Hasnain Asghar Ali at Escorts Capital.

 

The KSE-100 shares index shed 42.68 points, or 0.25 percent, to close at 16,865.34 points. The KSE-30 shares index lost 53.86 points, or 0.39 percent, to end at 13,683.22 points.

 

Shares of 347 companies were traded during the day out of which 172 scrips advanced, 152 declined and 23 remained unchanged.

 

Dealers said that some stocks maintained previous close due to low multiples and high dividend yields, while value erosion in MCB on renewed selling that failed to find buyers on intervals pushed the index in red zone.

Samar Iqbal, a dealer at Topline Securities said that some profit taking was witnessed at local bourse as the index closed 42 points down touching all time high index level of 16,968.

 

“Activity, however, remained confined towards mid cap stocks as 36 percent of total volume was witnessed only in TRG, DCL and Byco Petroleum.”

 

Fahad Ali at JS Global said that market remained in the red zone for most of the trading session as people feared the end of the world according to the ‘Mayan Lord Calendar’.

 

However, on a more serious note volumes were concentrated towards third tier stocks, which included mainly TRG, DCL and Byco. Interest was also witnessed in fertiliser sector where FFC was the volume leader in the sector.

 

The ready market volumes stood at 182.017 million shares compared with 185.426 million shares in the last trading session.

 

Highest volumes were witnessed in TRG Pakistan with trades of 36.142 million shares. The scrip gained 74 paisas to close at Rs5.77. It was followed by Dewan Cement with 17.364 million shares. It gained 28 paisas to close at Rs5.20. Byco Petroleum was the third with trades of 12.897 million shares. It lost 25 paisas to finish at Rs12.09.

 

Rafhan Maiz Rs150.00

 

Closing Rs4,000.00

 

Colgate Palm Rs69.47

 

Closing Rs1,469.45

 

Unilever Food Rs50.00

 

Closing Rs4,300.00

 

Pak Int Cont Rs12.24

 

Closing Rs255.04

 

Exide Pak Rs9.99

 

Closing Rs290.01

 

Attock Petroleum Rs5.23

 

Closing Rs511.65

 

Courtesy:  The News


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