Index plunges by 160 points
The Karachi share market witnessed a negative trend weighed mainly by geopolitical uncertainty and week-long Eid holidays. The benchmark KSE-100 index shed 160.68 points to close at 30,314.07 points. Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks battered at KSE in the last trading session ahead of week-long holidays for Eid.
Copyright Business Recorder, 2014
Trade was led by second and third-tier stocks amid concerns for deteriorating geopolitical situation, dismal fertiliser sales data for June''14 and Article 245 of Constitution invoked for security unrest in the country played a catalytic role in the bearish activity despite strong earning announcements in banking sector, he maintained. During the intra-day trading, the index reached 30,494.01 points highest and 30,217.47 points lowest level. Following the bearish trend, volume at the ready counter decreased to 103.619 million shares compared to 218.186 million shares in previous session. Market capitalisation fell by Rs 33 billion to Rs 7.120 trillion against Rs 7.153 trillion in the last session.
Trading took place in 313 companies, of which 116 closed in green zone, 176 in red while 21 landed in blue zone. Rabab Khan, analyst at Aba Ali Habib Securities, said that the local bourse witnessed selling pressure in the market. After Lafarge buyout deal sparked fears of price arrangement among investors, Karachi 100 index showed a negative by 160 points. However, due to long weekend investors are reluctant to take positions, she added.
All top 10 volume leaders recorded a negative trend. Lafarge Pak emerged volume leader with 21.64 million shares, down Re 0.79 to close at Rs 15.94. Maple Leaf Cement stood second, down Rs 1.06 to close at Rs 31.08 on 6.63 million shares. Cherat Cement lost Rs 1.03 to close at Rs 87.46 on 6.16 million shares. Lotte Chemical posted a negative trend, down Re 0.25 to close at Rs 7.84 on 6.02 million shares. With 5.87 million shares, Fauji Cement dipped by Re 0.02 to close at Rs 20.83. D.G.K. Cement fell by Rs 1.34 to close at Rs 87.44 on 3.35 million shares. Bank Al-Habib decreased by Re 0.51 to close at Rs 46.99 on 3.04 million shares.
Pioneer Cement dropped by Rs 2.69 to close at Rs 52.08 on 2.71 million shares. With a trading volume of 2.52 million shares, TRG Pakistan Ltd closed at Rs 13.68, down Re 0.06. B.O.Punjab recorded a negative trend, down Re 0.06 to close at Rs 9.12 on 2.12 million shares. Exide (Pak) and Hinopak Motor were the top gainers with Rs 26.11 and Rs 25.56 to close at Rs 548.43 and Rs 536.79, respectively. Wyeth Pak Ltd and Island Textile were the top losers with Rs 188.05 and Rs 46.90 to close at Rs 3,577.80 and Rs 895.00, respectively.