Stocks fall 77 points on profit-taking by foreign funds

Attention: open in a new window. PDFPrintE-mail



KARACHI : The Karachi stock market ran into profit-taking on Friday with the KSE-100 index down by 76.61 points or 0.32 per cent to 23,497.07. It was an extension of the earlier days decline and attributed to investors' decision to take profit ahead of the two holidays.

 

Market also traded range bound as Friday was the last day for futures settlement of July.

 

Moreover, foreign funds also sold equity worth $3.97 million on Friday.

 

Banks and mutual funds were other major sellers at $1.02m and 1.69m worth stock.

 

On the buying side, companies picked up stocks valued at $3.26m; other organisations $0.28m and retailers and high net worth individuals $3.14m.

 

The market opened on a bullish note with the index rising to 23,702.26 points, but heavy selling, mainly in oil and gas and banking stocks saw the market close to its day's low.

 

"Most of the mainstream shares like NBP, ENGRO, PPL and PSO remained under selling pressure because of the roll over week of future contracts", said analyst Wasim M. Khan.

 

Cement shares, however, grabbed the spotlight with top-tier Attock Cement hitting the 'upper circuit'. The second tier Fauji Cement and Lafarge Pak also managed to hit their 'upper cap', while Maple Leaf also finished on good gains.

 

Analyst Wasi Khan stated that the index opened in the green but due to lack of trading interest, it finished in the red. Cement stocks were strong on expectations of good cement dispatch numbers.

 

Amongst result, Fauji Fertilizer Bin Qasim (FFBL) announced earnings of Rs1,325m, translating into earning per share (eps) at Rs1.42 for 2Q2013, up 29pc YoY which generated interest in the stock. Buying interest was seen in FFBL and Fauji Fertilizer after healthy dividend announcement by FFBL.

 

Dealers at Sherman Securities stated that the market was mixed on the last trading day of the week with liquid stocks closing weak in general except PTC, NBP, Bank of Punjab, MLCF, FCCL etc.

 

Market opened up 0.6pc initially but gradually showed profit taking.

 

Attock Refinery was up 5pc on better results expectations; National Refinery though was down 2pc on profit taking. Kohat Cement showed positive change of 4.9pc on better result expectations. Engro was down 2.4pc while Dawood Hercules also lower by 1pc. Bank Al-Falah was up 2.5pc on news that Warid sale deal may materialise soon.

 

In all, 356 shares came up for trading on Friday with gainers and losers almost even at 167 and 170. Another 25 stocks remained unchanged.

 

Turnover slipped 21pc to 241m shares on Friday, from 305m shares traded the earlier day. Trading value also decreased 27 percent to Rs8.7m, from Rs11.9m. Market capitalization lost Rs13 billion to Rs5.743 trillion on Friday, from Rs5.756tr the earlier day.

 

On the 10-leading volume leaders’ list, FCCL was on top with trading in 47m shares, which accounted for nearly 20% share in total volumes. FCCL gained Re1 to Rs17.19.

 

Lafarge Pak was up 52 paisa to Rs10.97 on 28m shares; NBP rose by 54 paisa to Rs57.72 on 15m shares; Bank of Punjab was steady by 23 paisa to Rs13.77 on 13m shares; PTCL moved up by 31 paisa to Rs18.13 on 12m shares; Maple Leaf Cement added 42 paisa to Rs32.51 on 12m shares; Dewan Cement was steady by19 paisa to Rs8.13 on 7m shares; Byco Petroleum shed 18 paisa to Rs10.60 on 6m shares; Pak Elektron gained 50 paisa to Rs18.03 on 5m shares and Wateen Telecom was up 14 paisa to Rs4.18 on 4m shares.



Courtesy:  Dawn


Forex open Market rates & comments Archive

Login Form