The Karachi share market Wednesday closed lower, weighed by institutional profit-taking in the index heavyweights. The benchmark KSE-100 Index fell by 61 points to close at 28,987.32 points from 29,048.21 points Tuesday. Samar Iqbal AVP at Topline Securities said that profit-taking in heavyweights -OGDC, PSO and POL - pushed the benchmark index below 29,000-mark.
Investors'' participation increased with 34 percent higher volumes to 220 million shares, while value rose by 17 percent to Rs 9 billion after 18 trading sessions, she added. KEL remained most active scrip with 50.7 million shares, gaining Re 0.55, while healthy activity was also seen in LPCL, PAEL, MLCF and ENGRO, she said.
During the intra-day trading, the index recorded highest level of 29,142.48 points and the lowest level of 28,964.09 points. Despite a negative trend, volume at the ready counter increased to 220.121 million shares compared to 163.762 million shares. The market capitalisation lost Rs 17 billion to Rs 6.871 trillion against Rs 6.888 trillion Tuesday.
Trading took place in 382 companies, of which 177 stayed in green and 174 closed with negative signs. Rates of 31 companies remained unchanged. Analyst Shafqat Hussain at Aba Ali Habib Securities said investors sentiments remained mixed ahead of the pre-budget session. Therefore, the index was unable to maintain its psychological barrier of 29,000 points.
Among Top 10 volume leaders, except B.O.Punjab, all recorded a positive trend. K-Electric remained the top volume leader with 50.76 million shares, surging by Re 0.55 to close at Rs 8.85. Pak Int Bulk (R) stood second, increasing by Re 0.51 to close at Rs 9.58 on 25.07 million shares. Lafarge Pak recorded a positive trend, moving up by Re 0.08 to close at Rs 14.48 on 13.60 million shares.
Jah. Sidd. Co closed at Rs 11.55, moving up by Re 0.20 on 7.43 million shares. Pak Elektron Ltd bagged Rs 1.27 to close at Rs 26.77 on 7.24 million shares. Maple Leaf Cement with 6.95 million shares gained Re 0.19 to close at Rs 30.18. Hascol Petroleum Ltd rose by Rs 2.74 to close at Rs 64.39 on 5.86 million shares. B.O.Punjab fell by Re 0.05 to close at Rs 9.39 on 4.88 million shares. With a trading volume of 4.82 million shares, Lotte Chemical moved up by Re 0.26 to close at Rs 7.36. Engro Corp closed at Rs 199.82, up Re 0.22 on 3.58 million shares.
Analyst Ahsan Mehanti at Arif Habib Corporation said institutional profit-taking was witnessed at KSE on uncertainty over federal budget announcements due next week and dismal fertiliser sales data for April''14. Trade was led by second and third-tier stocks with limited foreign interest amid prevailing pre-budget uncertainty. Uncertainty remained in banking and cement sectors on expected rise in taxes despite hopes for positive outcome of bilateral talks with India expected next month, Mehanti said.
Bata (Pak) and Fazal Textile were the top gainers with Rs 40.81 and Rs 32.91 to close at Rs 3,705.56 and Rs 691.27, respectively. Nestle Pak and Sanofi-Aventis were the top losers with Rs 130.00 and Rs 38.50 to close at Rs 7,970.00 and Rs 911.00, respectively. An analyst at BMA Capital expects the market to remain rangebound as investors will continue to keep a close watch on the upcoming budget.
Comments
Comments are closed.