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KSE slumps on gas shortfall to fertilizer sector

May 22, 2014

Our Staff Reporter



Institutional profit-taking continued at KSE on higher trades amid uncertainty in the pre-budget sessions.

The KSE benchmark further shed by 82.80 points or 0.29 percent to close the day at 28760.12 points compared to 28842.92 points of the previous day.

A dealer said due to confusion on capital gain tax rate in the upcoming budget, some profit-taking was seen in leading stocks. PSO and NML dropped heavily where PSO closed Rs3.22 down and NML shed Rs.2.80.

KSE-Allshare index off by 92.72 points or 0.43 percent to stop the trading at 21309.68 points, KSE-30 index misplaced 98.31 points or 0.50 percent to end the activity at 19724.26 points while KMI-30 down by 87.98 points or 0.19 percent to conclude the session at 45731.26 levels.

Market traded 225.984 million shares after opening at 134.443 million shares and the value of traded shares was fell to Rs 6.791 billion from Rs 6.950 billion. Stock capitalisation settled at Rs 6.835 trillion compared to Rs 6.865 trillion of a day earlier.

Analysts said trade was led by second and third tier stocks. Rising circular debt in energy sector and gas shortfall for fertilizer sector played a catalyst role in bearish sentiments at KSE. Expected rise in energy sector and banking sector withholding taxes in federal budget early next month impacted the sentiments following tough fiscal deficit targets set in the 3.8trn outlay. Trading took place in 365 companies where losers beat the gainers 199 to 140 while the value of 26 stocks remained intact. Rafhan Maize XD and Murree brewery were the biggest price gainers of the day up by Rs 250.75 to Rs 10750 and Rs 43.91 to Rs 922.18. Highest decreased witnessed in the price of Bata (Pak) XD and Nestle Pak down by Rs 162.81 to Rs 3701.48 and Rs 80 to Rs 8000.

KEL remained the most active scrip with 76.403 million shares volume rise by Re 0.52 to Rs 7.78. LPCL also witnessed huge interest with 39.207 million shares grew by Re 0.79 to Rs 14.34.

It was followed by Dewan Motors with 8.960 million shares up by Re 0.32 to Rs 7.32, Bank of Punjab with 7.010 million shares added Re 0.03 to Rs 9.61 and PIAC(A) with 6.537 million shares higher by Re 0.07 to Rs 7.05.


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Source: Nation (Pakistan)


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