News Column

Stocks close lower amid thin trade

July 12, 2014

Stocks closed lower amid thin trade on concerns for political uncertainty.

At local equity market benchmark 100-share index shed 35.06 points or 0.12 percent to end the day at 29318.06 points compared to 29353.12 points of a day earlier.

Ahsan mehanti analyst at Arif habib Corp said disagreements over Mari Petroleum restructuring plan, dismal data for DAP sales down 43pc MoM for June’14, expectations for status quo in SBP policy announcement to July 19 on inflationary pressures played a catalyst role in bearish activity.

Record remittances data of $15.8 billion in 2013-14, falling coal prices favoring cement sector and strong earnings outlook in energy sector positively impacted the sentiments at KSE.

KSE-Allshare index off by 27.59 points or 0.13 percent to finish the day at 21294.37 points, KSE-30 index fell by 34.80 points or 0.17 percent to conclude the session at 20259.83 points while KMI-30 index lost 43.57 points or 0.09 percent to conclude the session at 47367.37 points.

Market traded 54.864 million shares after opening at 66.731 million shares and the value of traded shares was reduced to Rs 2.709 billion from Rs 2.790 billion while the capitalisation of the market maintained at Rs 6.901 trillion after opening at Rs 6.910 trillion of day earlier.

Trading took place in 295 companies where 135 companies closed in green and 134 in negative while the value of 26 stocks remained intact. Wyeth Pak Ltd was the biggest price loser of the day decreased by Rs 222.50 to Rs 4227.50 followed by Nestle Pak off by Rs 99 to Rs 7951. Shezan Inter and Pak Tobacco were the highest price gainers of the day up by Rs 43.18 to Rs 1083.18 and Rs 21 to Rs 1200.

A dealer said cherry picking in main board stocks helped index to closed marginally negative. Index down by 0.12pc to close at 29318. Mari Petroleum closed at lower circuit breaker after Finance Minister refused the proposal to change its pricing formula.

Active list was topped by NIB Bank Ltd with 3.771 millions hares as it closed at Rs 2.19 after opening at Rs 2.20. Bank Al-Falah was the second highest of the day with 2.610 million shares up by Re 0.12 to Rs 28.12. It was followed by Nishat Power with 2.506 million shares grew by Rs 1.42 to Rs 37.41, PTCL with 2.185 million shares off by Re 0.14 to Rs 26.03 and Sui South Gas with 2.178 million shares up by Re 0.07 to Rs 34.87.

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Source: Nation (Pakistan)

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