News Column

KSE stays bearish

June 14, 2014



Stocks closed lower amid pressure on scrips across the board on institutional profit-taking due to concerns for rising circular debt in energy sector impacting international payments for oil import by OMCs.

At local bourse benchmark 100-share index shed 35.52 points or 0.12 percent to end the day at 29730.86 points compared to 29766.38 points of the previous day.

Analyst at Arif Habib Corp Ahsan Mehanti said dismal auto sales data for May'14, selling pressure in fertilizer, textile and cement stocks impact by power shortfall played a catalyst role in bearish activity despite support in banking sector on renewed foreign interest, higher net interest margins and $387m UBL privatisation transaction approval by PC and CCoP.

Local bourse gained 0.75pc on week-on-week basis after MQM ended protests, coupled with healthy foreign buying, successful Govt offering of UBL and World Bank loan for dam construction. Sentiments were affected due to Karachi airport attack as volumes declined by 18pc to 215m shares (value dropped by 24pc to Rs.10b on avg), a dealer observed.

KSE-Allshare index off by 14.38 points or 0.07 percent to close the day at 22043.58 points, KSE-30 index shed by 4.09 points or 0.02 percent to end the day at 20406.47 points while KMI-30 index misplaced 336.23 points or 0.70 percent to conclude the day at 47729.07 points.

The day turnover was 210.596mshares after opening at 212.347m shares and the value of traded shares was reduced to Rs 8.445 billion from Rs 9.705 billion. The capitalisation of the market settled at Rs 7.054 trillion compared to Rs 7.058 trillion of a day earlier. Trading took place in 355 companies where losers beat the gainers 184 to 147 while the value of 24 stocks remained intact.

Unilever Foods was the biggest price gainer of the day up by Rs 250 to Rs 8500 followed by Colgate Palmolive added Rs 75.11 to Rs 1775.11. Nestle Pak and Siemens Pakistan led the downhill trend decreased by Rs 100 to Rs 8100 and Rs 30 to Rs 1355.

Samar Iqbal AVP at Topline Securities said market remained dull amid fall in global equity market due to Iraq crisis. Profit taking was seen in PSO as despite news of funds to be released by Finance Ministry, while cement stocks also lost value contradictory to positive expectations following news of motorway project.

Active list was topped by Bank of Punjab with 27.044m shares grew by Re 0.43 to Rs 9.58. Byco Petroleum was the second highest in volume chart with 17.743m shares off by Re 0.50 to Rs 12.80, Fauji Cement with 12.101m shares shed by Re 0.64 to Rs 20.07, Sui Southern Gas with 9.314m shares grew by Re 0.86 to Rs 35.71 and Pak Int Bulk(R) SPOT with 8.928m shares added Rs 1.34 to Rs 14.38.


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Source: Nation (Pakistan)


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