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Security unrest, drone attack push KSE in red zone

June 13, 2014



Market closed slightly negative after a range-bound session. UBL witnessed some profit-taking after Government's offering at a discount to market price.

The KSE benchmark 100-share index shed by 16.92 points or 0.06 percent to end the day at 29766.38 points compared to 29783.30 points of the previous day.

Experts said stocks end lower amid institutional profit taking in energy stocks after circular debt crossed Rs 513 billion.

Around $700mWorld Bank loan approval for Dasu power project, record foreign pledge of over Rs38b UBL privatisation transaction and remittance data for over $14.3b July-April '14 failed to support the index amid concerns for security unrest in the country and US drone attacks in NWA, he added. KSE-Alllshare index off by 6.53 points or 0.03 percent to end the trading at 22057.96 points, KSE-30 index misplaced 13.91 points or 0.07 percent to stop the day at 20410.56 points while KMI-30 index added 28.13 points or 0.06 percent to conclude the session at 48065.30 points.

Bourse traded 212.347 million shares after opening at 289.799 million shares and the value of traded shares was reduced to Rs 9.705 billion from Rs 12.872 billion. Capitalisation of the market maintained at Rs 7.085 trillion compared to Rs 7.070 trillion of a day earlier.

Out of 349 companies, 159 closed in positive and 164 in negative while the value of 26 stocks remained intact. Highest decreased reflected in the price of Rafhan Maize down by Rs 590 to Rs 11410 followed by Unilever Foods off by Rs 350 to Rs 8250. Wyeth Pak Ltd and Phillip Morris Pak were the top price gainers of the day up by Rs 221.18 to Rs 4653 and Rs 36.60 to Rs 768.66.

A dealer said PTC kept on increasing amid institutional interest 15m shares traded in the stock. Renewed interest was also seen in textile sector in anticipation of favourable textile policy while mid cap stocks led the volume. Top ten scrips were led by TRG Pakistan Ltd with 22.056 million shares off by Re 0.36 to Rs 16.13. Byco Petroleum was the second highest with 20.840 million shares up by Re 0.88 to Rs 13.08. It was followed by PTCL with 15.056 million shares down by Re 0.14 to Rs 31.06, Maple Leaf Cement with 13.308 million shares fell by Re 0.13 to Rs 31.65 and Hascol PetrolXD with 8.943 million shares shed by Rs 2.28 to Rs 88.06.


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Source: Nation (Pakistan)


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