Stocks stay depressed

RECORDER REPORT

KARACHI: A bearish trend continued on the Karachi share market on Thursday and the KSE-100 index lost 103.73 points to close at 11,283.49 points.

After positive opening, the index kept oscillating between 11,430.66 points intra-day high and 11,242.66 points intra-day low levels. Trading activity also remained low as the volumes at the ready counter declined to 69.758 million shares as compared to 80.940 million shares traded on Wednesday. Total market capitalisation declined by Rs 29 billion to stand at Rs 2.953 trillion. Out of the total 330 active scrips, 174 closed in negative, 74 in positive while the value of 82 stocks remained unchanged.

Fatima Fertilizer Co was the volume leader with 9.170 million shares gaining Re 0.08 to close at Rs 24.33. In the other fertilizer sector stocks, Fauji Fertilizer Co (FFC) increased by Rs 2.37 to close at Rs 175.43 with 2.256 million shares while Fauji Fertilizer Bin Qasim and Engro Corp declined by Rs 1.49 and Re 0.09 to close at Rs 57.77 and Rs 110.11 with 6.588 million shares and 4.208 million shares, respectively. F Nat Equities lost Re 0.75 to close at Rs 1.75 with 6.374 million shares. Lotte Pakistan PTA decreased by Re 0.55 to close at Rs 11.06 with 5.102 million shares. DG Khan Cement declined by Re 1.00 to close at Rs 20.11 with 4.013 million shares.

NBP lost Rs 1.55 to close at Rs 41.14 with 3.005 million shares. PTCL decreased by Re 0.24 to close at Rs 10.47 with 1.714 million shares. Arif Habib Corp declined by Re 0.41 to close at Rs 28.89 with 1.710 million shares.

Unilever Pak and Bata (Pak) were the top gainers with Rs 28.28 and Rs 21.50 to close at Rs 5684.39 and Rs 841.18, respectively while Nestle Pakistan and Colgate Palmolive were the worst losers with Rs 29.81 and Rs 11.93 to close at Rs 3303.09 and Rs 560.32, respectively.

Ahsan Mehanti at Arif Habib Investments said the stocks finished lower after bearish sentiment prevailed at KSE on rising economic concerns as investors fear widening trade deficit and higher inflation indications.

He said the institutional profit-taking witnessed led by oil sector scrips on expected fall in local POL prices next week despite record earnings announcements by OGDC, higher local urea and cement prices.