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Bears tighten grip

Karachi Stock Exchange witnessed another negative session Friday and the KSE-100 Index shed 280 points to close at 29,069 points against 29,350 points Thursday. During the intra-day trading, the index touched 29,576 as highest and 29,015 as lowest levels. Trading side witnessed a negative trend and the volumes at the ready counter fell to 269.540 million shares from 496.323 million shares. The market capitalisation also closed lower at Rs 6.982 trillion against Rs 7.062 trillion.

Analysts at JS Global said KSE-100 Index continued its declining trend, closed in the red at 29,070 down by further 280 points. The market started on a high note due to news of ECC slapping 5 percent duty on cotton yarn import. This served as positive news for domestic textile industry and therefore generated investor interest, particularly in NCL which hit its upper circuit, they added.

They said that ENGRO went north with ECC approving LNG terminal contract to Elengy Terminal Pakistan (ETPL). However, in the absence of foreign flows due to Easter holidays the market remained under pressure throughout the day. Out of total 390 active stocks, 197 remained on positive side, 173 negative and the rates of 20 shares stayed unchanged.

Two top gainers for the day were Island Textile, which shot up by Rs 44.99 to Rs 944.98 and Bata (Pak) XD, which climbed by Rs 34.51 to Rs 3258.09. The top losers were Rafhan Maize, which lost Rs 500 to Rs 10,000 and Unilever Foods XD, which lost Rs 389.89 to Rs 8600. Among the top 10 companies, K-Electric led the list with 17m shares. It lost six paisa to Rs 7.15; National Bank XD decreased by Rs 3.30 to close at Rs 58.15 on 16m shares; and Maple Leaf Cement improved by 46 paisa to reach Rs 30.36 on 14m shares.

Azgard Nine gained 23 paisa to close at Rs 7.43 on 10m shares; TRG Pakistan witnessed a loss of 35 paisa to reach Rs 15.13 on 9m shares; and Engro Fertilizer shed 16 paisa to close at Rs 70.95 on 9m shares. Lafarge Pak SPOT decreased by 30 paisa to close at Rs 13.60 on 9m shares; Bank of Punjab lost 17 paisa to close at Rs 10.93 on 8m shares; Askari Bank gained 28 paisa to close at Rs 20.29 on 7m shares; and Engro Corporation registered a growth of Rs 3.26 to close at Rs 213.06 on 11m share.

Copyright Business Recorder, 2014


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
Arrow DAX 9,409.71 0.99
Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,516.27 0.68
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln